Figure 10-5
In Figure 10-5, points which lie on the firm's short-run supply curve are
a.
A, B, C.
b.
C, D, H.
c.
F, E, G.
d.
A, C, H.
b
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
If a hospital is experiencing economies of scale,:
a. it should reduce its output level to lower costs. b. its average cost curve is negatively sloped as output increases. c. prices are obviously too high. d. quality is falling as output is rising. e. its average cost curve is positively sloped as output increases.
As compared to a purely competitive labor market, in a nonunionized monopsonistic labor market, wages:
A. and employment will both be lower. B. will be higher, but employment will be lower. C. will be lower, but employment will be higher. D. and employment will both be higher.
The difference between what you pay for some good or service and what you would have been willing to pay is called ________________________.
Fill in the blank(s) with the appropriate word(s).