Refer to the graph shown.
An economy is in both short- and long-run equilibrium at ________.
A. point A
B. point B only
C. point C only
D. point B to C
Answer: C
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If, as your taxable income increases, you pay a smaller percentage of your taxable income in taxes, then the tax is
A) progressive. B) regressive. C) proportional. D) unfair.
We typically think of labor as a variable cost, even in the very short run. However, some labor costs may be fixed. Which of the following items represents an example of a fixed labor cost?
A) An hourly employee B) A temporary worker who is paid by the hour C) A salaried manager who has a three-year employment contract D) none of the above
A firm should continue to hire a resource as long as the resource's marginal revenue product exceed the resource's marginal resource cost
a. True b. False
In the spot market, the spread is the difference between the bid and offer rates and is the trader's profit margin.
a. true b. false