The two year time period it will take a company to build a new factory is an example of what?
a. short-run
b. long- run
c. diminishing marginal returns
d. implicit costs
a
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At the equilibrium level of aggregate expenditure, what does aggregate expenditure equal? What happens at other levels of real GDP to bring about an equilibrium?
What will be an ideal response?
In the long-run, a perfectly competitive firm will leave the market if it is unable to cover all of its fixed costs
a. True b. False Indicate whether the statement is true or false
________: percent change in quantity supplied with respect to a percent change in the price of the product
Fill in the blank(s) with correct word
State two reasons why dire predictions of falling standards of living and a decline in resource availability proved to be wrong
What will be an ideal response?