Refer to the diagram. The general agreement of most economists is that the U.S. economy today is:
A. at b.
B. at some level below b.
C. at some level above b.
D. at d.
B. at some level below b.
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A principal-agent problem occurs when hiring workers to work for a firm because
A) workers' interests are not always the same as the interests of the owners of the firm. B) workers do not respond to incentives. C) the owners of a firm are always in a position to exploit the workers. D) workers' interests are not important in the managerial decisions of the firm.
Explain the relationship of the long-run aggregate supply curve, the short-run aggregate supply curve and the aggregate demand curve in determining a long-run and short-run macroeconomic equilibrium
What will be an ideal response?
In the long-run, a monopoly is most likely to achieve
a. An average rate of return b. Above average profits c. Economic Profits d. Both B&C
If a market is productively efficient,
a. the output is being produced at the lowest possible resource cost b. the output is selling for the lowest possible price c. economic profit in the market is positive d. the output being produced is what consumers want e. no firm can earn a normal profit