Virtually all firms expend resources to do precise calculations of marginal cost and marginal revenue for decision making.
Answer the following statement true (T) or false (F)
False
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Which of the followings does NOT describe the money market in the ISLM model?
A) money demand function B) investment function C) money market equilibrium condition D) money supply
Which of the following would cause both the equilibrium price and equilibrium quantity of cookies to decrease?
a. a rise in the price of milk (a complement) b. a rise in consumer incomes c. a rise in the price of cookie dough d. a drop in the price of cookie dough e. a rise in the price of crackers (a substitute)
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.