A firm's short-run supply curve is its marginal cost curve above its average total cost curve.
Answer the following statement true (T) or false (F)
False
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In 2015, Hooverville consumed 205,000 tons of sugar. In 2016, sugar consumption rose to 245,000 tons. Calculate the percentage change in sugar consumption
A) 8.37% B) 11.95% C) 19.51% D) 26.33%
It is more likely for tacit collusion to occur in the ________ market compared to the ________ market.
A) luxury cruise ship; paper towel B) paper towel; commercial airline C) dog food; luxury cruise ship D) paper towel; luxury cruise ship
Whenever government spending is a substitute for private spending
A) interest rates will rise. B) the Ricardian equivalence theorem holds. C) the effects of expansionary fiscal policy are dampened. D) there is a direct multiplier effect.
Which of these does not hold true if an economy is simultaneously in long-run and short-run equilibrium? a. The actual price level equals the expected price level
b. Aggregate quantity supplied equals potential output. c. Aggregate quantity demanded equals potential output. d. Aggregate quantity supplied equals aggregate quantity demanded. e. Aggregate demand curve is horizontal at the potential output level.