The perfect competitor can make a profit
A. only in the long run.
B. only in the short run.
C. in both the long run and the short run.
D. in neither the long run nor the short run.
B. only in the short run.
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When the macroeconomic equilibrium is such that real GDP exceeds potential real GDP, the economy is suffering from ________, and the government policy to eliminate this gap will ________ real GDP and ________ the price level
A) an inflationary gap; increase; increase B) a recessionary gap; decrease; decrease C) an inflationary gap; increase; decrease D) a recessionary gap; increase; decrease E) an inflationary gap; decrease; decrease
Total profit is maximized when marginal profit maximized.
Answer the following statement true (T) or false (F)
When you are calculating how long it will take your initial bank deposit to double, the rule of 72 prescribes that you divide the annual interest rate paid on the deposit by 72
a. True b. False Indicate whether the statement is true or false
The demand for a resource depends largely on the
a. demand for the products that it produces. b. price of the resource. c. supply of the resource. d. cost of producing the resource.