In the long run, 
A. the total revenue curve will change its slope.
B. the firm will operate at point C.
C. the firm will operate at point B.
D. the firm will operate at point D.
Answer: A
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The horizontal short-run aggregate supply curve
A) assumes that wages and all other input prices are constant. B) assumes that opportunity cost is constant. C) shows that real GDP can be increased only when prices increase. D) assumes that there is full employment in the economy.
According to economist Emmanuel Saez, between 1993 and 2010, the incomes of the richest 1 percent grew by ________, and the other 99 percent grew by ________ on average.
A. 58 percent; 64 percent B. 5.8 percent; 6.4 percent C. 58 percent; 6.4 percent D. 5.8 percent; 64 percent
If inflation was zero percent, nominal interest rates would be:
A. larger than real interest. B. equal to real interest rate. C. at the optimal rate. D. smaller than real interest.
Refer to the following graph.
The perfectly competitive firm depicted is currently:
A. incurring a loss that is larger than total fixed cost, and so the firm should shut down. B. earning positive economic profit. C. incurring a loss, but the loss is smaller than the firm's total fixed cost. D. earning zero economic profit.