If the short run aggregate supply curve is flat, the Phillips curve will be
a. flat
b. steep
c. horizontal
d. upward sloping
A
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In the long run,
a. all the firm’s resources are variable. b. some of the firm’s resources are variable. c. none of the firm’s resources are variable. d. the time period exceeds one year.
Marginal revenue is defined as
a. total revenue divided by quantity b. total revenue minus total cost c. the change in total revenue divided by the change in quantity d. the change in total revenue divided by quantity e. the change in total revenue
A firm is indifferent between staying in business and shutting down in the short run when, at the loss-minimizing level of output,
a. total revenue equals total cost b. average total cost is at its minimum c. total revenue exceeds total cost d. total revenue equals total variable cost e. total variable cost equals total cost
When higher prices result in a lower quantity demanded, economists call this relationship:
A. The demand curve B. Price and demand model C. The law of demand