"Marginal cost" means
What will be an ideal response?
expected additional cost.
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Suppose you came across the following headline in a story of a daily newspaper: "Automobile prices are so high right now that there must be a shortage. As a consequence not everyone who needs an automobile will be able to buy one"
Is this statement necessarily correct?
Refer to Figure 10-5. Suppose the price of pizza increases while the price of hamburger remains constant. Then, the consumer's
A) indifference curve becomes straighter. B) budget constraint moves outward away from the origin on the pizza axis while the hamburger intercept remains the same. C) indifference curve becomes more concave away from the origin. D) budget constraint moves inward toward the origin on the pizza axis while the hamburger intercept remains the same.
In the long-run, a perfectly competitive firm will achieve
a. An average rate of return b. Above average profits c. Losses d. Economic Profits