A small, one-unit change in value is called a marginal change
Indicate whether the statement is true or false
TRUE
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Which of the following is not true?
a. In the 1950s, federal defense expenditures were larger than federal human resource expenditures.
b. In 1995, federal defense expenditures were less than five percent of GDP.
c. Federal expenditures on defense exceeded federal human resource expenditures until 1989.
d. Federal defense expenditures have been declining continuously since the 1950s.
For any competitive labor market, changes that decrease the number of workers will:
A. decrease the labor supply and shift the supply curve left. B. increase the labor supply and shift the supply curve right. C. decrease the labor supply and shift the supply curve right. D. increase the labor supply and shift the supply curve left.
Long-run equilibrium under monopolistic competition requires that
a. the demand curve intersect the average cost curve. b. the demand curve be tangent to the average cost curve. c. price be equal to marginal cost. d. quantity produced be at the point where average cost is at a minimum.