Economists usually assume that ________ is a variable input in the ________ run.
A. capital; short and long
B. labor; short and long
C. labor; short
D. capital; short
Answer: B
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Cost-push inflation starts with
A) an increase in potential GDP. B) a decrease in aggregate demand. C) a decrease in aggregate supply. D) an increase in aggregate supply. E) an increase in aggregate demand.
The above figure shows the demand and cost curves for a monopolist. What is the maximum economic profit this firm can make?
A) zero B) $400 C) $100 D) $200
Assume the market in the graph shown was originally at an equilibrium with demand D and supply S. Suppose Demand shifts and becomes D2. What might have caused such a shift?
A. The good became more popular.
B. People expect the price of this good to drop in the near future.
C. The good became cheaper to produce.
D. Substitutes for this good became less expensive.
Evaluating risk requires that:
A. we think about different possible outcomes. B. we accept that our best guess about future costs and benefits could be wrong. C. we consider uncertain costs or benefits of an event or choice. D. All of these statements are true.