Implicit costs will be zero in the long run
Indicate whether the statement is true or false
F
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Suppose the marginal propensity to consume is 0.75. What does this mean? What do we know about the marginal propensity to save? What do we know about the average propensity to consume?
What will be an ideal response?
Which of the following situations is most likely to result in a producer monopoly?
a. A product for which quantity is low and demand is lower b. A product for which quantity is high and demand is low c. A product for which quantity is low and demand is high d. A product for which quantity is high and demand is higher
Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would tend to
a. increase the total revenue of wheat farmers. b. decrease the total revenue of wheat farmers. c. decrease the demand for wheat. d. decrease the supply of wheat.
Suppose the economy's short-run equilibrium level is at a point to the left of Natural Real GDP. Which of the following statements is true?
A) The economy is in an inflationary gap. B) The economy is in a recessionary gap. C) The economy is in long-run equilibrium. D) This situation is actually impossible.