Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential
B. higher; higher
C. lower; higher
D. higher; potential
Answer: D
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The value of the y-coordinate of a point in a graph is the length of a line from the point to the
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A single-price monopolist is producing 500 units of output. At that level, price is $200, and average total cost is $150 . In addition, both marginal cost and marginal revenue equal $120 . Which of the following statements is correct in the short run?
a. The firm has total costs of $60,000. b. The firm could increase its profit by increasing output. c. The firm has a profit per unit of $50. d. The firm is suffering an economic loss of $15,000. e. The firm is earning an economic profit of $40,000.
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What will be an ideal response?
The initial dollars spent to eliminate pollution are most likely ______.
a. all that are needed b. completely wasted c. the least efficient d. the most efficient