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

Economics

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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.

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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

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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

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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

Economics