In the above figure, what are the long-run equilibrium price level and real GDP?
A) 130 and $11.5 trillion B) 120 and $11.5 trillion
C) 120 and $12 trillion D) 130 and $12 trillion
D
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Refer to Figure 2-17. One segment of the circular flow diagram in the figure shows the flow of funds from economic agents E to market F. Who are economic agents E and what is market F?
A) E = households; F = product markets B) E = households ; F = factor markets C) E = firms; F = product markets D) none of the above
Use the table below to answer the following question.ProducerMinimum Acceptable Product PriceActual Product Price (Equilibrium Price)Kimberly$6$13Drake713Nicki913Victoria1113If the equilibrium price increases, the
A. consumer surplus will increase. B. producer surplus will decrease. C. producer surplus will increase. D. allocative efficiency will increase.
Economic theory asserts that:
a. both implicit costs and explicit costs are relevant in decision making. b. only implicit costs are relevant in decision making. c. only explicit costs are relevant in decision making. d. a cost to be incurred in the future should count more heavily than a cost incurred today
In equilibrium, which of the following conditions is common to both unregulated monopoly and pure competition?
A) P = MR B) AR = ATC C) MR = MC D) MC = P