Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $42, then in the long run the firm will
A. operate and expand.
B. operate but not expand.
C. shut down, but not go out of business.
D. go out of business.
Answer: A
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
What is the difference between the two types of sealed-bid auctions?
What will be an ideal response?
Streaming Netflix movies would be considered:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
For activities in which the benefits are concentrated and the costs widespread, governments are likely to undertake
a. too little of these activities relative to what would be efficient. b. too much of these activities relative to what would be efficient. c. exactly the amount of these activities that would be efficient. d. none of these activities.