If the economy suffers a permanent negative supply shock because there is an increase in regulations that permanently reduce the level of potential output, then
A) potential output falls.
B) the long-run aggregate supply curve shifts leftward.
C) the short-run aggregate supply curve shifts upward.
D) all of the above.
D
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Which cost measures the cost to society of producing a good?
A. Social cost B. External cost C. External cost and social cost D. Internal cost
Table 17.1Refer to Table 17.1. The marginal product of the third unit of labor is:
A. 30. B. 50. C. 60. D. 160.
A firm can be the sole supplier of a good and is still not a monopolist if
A) the firm is not large. B) the good produced is not important to the economy. C) the firm is not making excessive profits. D) there are very close substitutes for the good.
Which of the following costs will not change as output changes?
A) marginal cost B) total variable cost C) average variable cost D) average fixed cost E) total fixed cost