What are the coordinates for point B?
a. P2; 800,000 bushels of wheat produced per day
b. P2; 500,000 bushels of wheat produced per day
c. P1; 500,000 bushels of wheat produced per day
d. P; about 250,000 bushels of wheat produced per day
a. P2; 800,000 bushels of wheat produced per day
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Excess capacity is defined as the difference between a firm's maximum possible output and its actual output
a. True b. False
If aggregate supply is upward sloping, an increase in aggregate demand will result in:
A. An increase in prices and a decrease in output. B. An increase in prices and an increase in output. C. A decrease in prices and a decrease in output. D. A decrease in prices and an increase in output.
If the price elasticity of supply is 0.4, and a price increase led to a 5% increase in quantity supplied, then the price increase is about
a. 0.25%. b. 1.2%. c. 2%. d. 12.5%.
What are the functions for MC and AC if TC = 100q + 100q2? Are the returns to scale increasing, decreasing, or constant?
What will be an ideal response?