Some costs cannot be varied no matter how long the period in question. These are called
a. overheads.
b. total costs.
c. fixed costs.
d. variable costs.
c
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Aggregate demand changes when government expenditure on national defense increases by $100 billion. Aggregate demand ________ by ________ than $100 billion because government expenditure ________ induced expenditure
A) decreases; more; decreases B) decreases; less; increases C) increases; less; increases D) increases; more; increases E) increases; more; decreases
If a firm's short-run total cost curve lies above its total revenue curve at all output levels, the goal of the firm should be to
a. minimize total cost b. maximize total revenue c. minimize its loss d. minimize marginal cost e. maximize marginal revenue
f hot dogs are an inferior good, an increase in income will result in
What will be an ideal response?
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.