Total profit equals

a. TR ? TC.
b. average profit times total output.
c. total sales revenue minus total cost.
d. All of the above are correct.


d

Economics

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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 

A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C

Economics

Assume that Nation X can produce either 40 notepads or 80 pens, and that Nation Y can produce either 10 notepads or 40 pens. This implies that

A. Nation X has a comparative advantage in producing pens. B. Nation Y has a comparative advantage in producing notepads. C. Nation Y is the high-cost producer of pens. D. Nation X has a comparative advantage in producing notepads.

Economics

According to the circular flow model, all else constant, an increase in government spending should cause an increase in spending, income, and production in the economy

Indicate whether the statement is true or false

Economics

Long-run economic growth requires all of the following except

A) technological change. B) increases in capital per hour worked. C) government provision of secure property rights. D) political instability.

Economics