Suppose that output in an economy is 50 units and the number of hours worked in the economy is 25. If the economy enters a recession, which of the following combinations of output and hours worked would best reflect the recession?
A. 25 units of output and 10 hours worked
B. 50 units of output and 25 hours worked
C. 40 units of output and 20 hours worked
D. 30 units of output and 20 hours worked
Answer: D
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Refer to the figure above. What is the gain in the market-wide consumer surplus when the price of calculators changes from $6 to $3?
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The consumer is in equilibrium when
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A linear total cost curve which passes through the origin implies that:
a. average cost is constant and marginal cost is variable. b. average cost is variable and marginal cost is constant. c. average and marginal costs are constant and equal. d. need more information to answer question.