the combination of price level and real output that is compatible with both aggregate demand and aggregate supply
What will be an ideal response?
macro equilibrium
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According to the diagram in the above figure, what is the marginal benefit of consuming the 3 millionth gallon of gasoline per month?
A) 5 pounds of shrimp per gallon of gasoline B) 3 pounds of shrimp per gallon of gasoline C) 2 pounds of shrimp per gallon of gasoline D) 1 pound of shrimp per gallon of gasoline
This type of unemployment reflects the normal amount of unemployed workers who possess skills that will enable them to find another job
A) cyclical unemployment B) frictional unemployment C) structural unemployment D) None of the above answers is correct.
If the actual price were below the equilibrium price in the market for bread, a:
A) surplus would develop that cannot be eliminated over time. B) shortage would develop, which market forces would eliminate over time. C) surplus would develop, which market forces would eliminate over time. D) shortage would develop, which market forces would tend to exacerbate.
Economies of scale occur where
a. long-run average cost falls as new firms enter the industry b. short-run average cost falls as new firms enter the industry c. long-run average cost falls as one firm expands plant size d. short-run average cost falls as one firm expands plant size e. long-run average cost rises as one firm expands plant size