The long-run market supply curve in a competitive market will
a. always be horizontal.
b. be the portion of the MC that lies above the minimum of AVC for the marginal firm.
c. typically be more elastic than the short-run supply curve.
d. be above the competitive firm's efficient scale.
c
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The nominal wage is the wage rate adjusted for changes in the price level
Indicate whether the statement is true or false
A monetarists would expect an increase in government spending to have a strong effect on output only if the spending increase was
a. financed by an increase in the money supply. b. financed by a sale of bonds. c. financed by an increase in taxes. d. accompanied by a higher in the deficit.
Ethan purchases a new house for $170,000 . Ethan's purchase of the house contributes $170,000 to which magnitude in the identity Y = C + I + G?
a. C b. I c. G d. None of the above are correct.
Citizens can consume more of everything in a(n)
A. open economy. B. closed economy. C. economy with many citizens. D. autarky.