A monopoly chooses to supply the market with a quantity of a product that is determined by the intersection of the
a. marginal cost and demand curves.
b. average total cost and demand curves.
c. marginal revenue and average total cost curves.
d. marginal revenue and marginal cost curves.
d
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Potential GDP is the quantity that an economy can produce by:
a. fully employing its existing levels of labor, physical capital, and technology. b. partially employing its existing levels of labor, physical capital, and technology. c. fully employing its future levels of labor, physical capital, and technology. d. partially employing its future levels of labor, physical capital, and technology.
The long run refers to a period of time over which:
A. the firm can change its level of output. B. only one input is fixed. C. production technology increases. D. all inputs are variable.
Unemployment data in the U.S. are published by the:
a. Bureau of Economic Analysis. b. Bureau of Labor Statistics. c. Department of Commerce. d. Bureau of Federal Intelligence. e. Internal Revenue Service.
Aggregate supply denotes the relationship between the __________________ that firms choose to produce and sell and the _________________, holding the price of inputs fixed.
a. total quantity; price level for output b. type of goods; input price of raw materials c. price of goods; number of employees d. total inputs; types of goods