If TR > TC, a firm would ________ in the short run and ________ in the long run.
A. shut down; contract
B. shut down; expand
C. operate; expand
D. operate; contract
Answer: C
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Trusts were groups of firms that acted together to raise prices above competitive levels
a. True b. False Indicate whether the statement is true or false
The main difference between the short run and the long run is that
A. in the long run, all inputs are fixed. B. in the short run, some inputs are fixed and some are variable. C. the short run always refers to a time period of less than five years. D. the long run always refers to a time period of one year or longer.
If equilibrium GDP is $900 billion greater than full employment GDP and there is a deflationary gap of $300 billion, how much is the multiplier?
What will be an ideal response?
If the price of propane-fueled gas grills was to decrease, then
A) the demand for propane would decrease. B) the demand for propane would increase. C) the quantity of propane demanded would increase. D) the quantity of propane demanded would decrease.