In the short run, a decrease in the money supply will lead to a(n) _____
Fill in the blank(s) with the appropriate word(s).
decrease in Gross Domestic Product.
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The new growth theory asserts that profits are
A) temporary, because the discoveries that lead to profits are eventually used by all. B) an illusion, since costs are never fully covered. C) permanent, because physical activities can be replicated. D) not an essential component determining whether the economy grows or not. E) permanent, because they are derived from discoveries.
In order for the price system to have satisfied the exacting requirements for efficiency,
a. MU must equal MC for each and every commodity. b. the average cost of producing each good must be equal to its MU. c. the maximum possible of total economic profit must be produced. d. every consumer's MU will be equal to marginal physical product
Policymakers use _____ policy and _____ policy to stabilize _____ and _____ in the short run
Fill in the blank(s) with correct word
Use the above figure. The profit-maximizing output and price is
A. 600 and $16, respectively. B. 600 and $10, respectively. C. 800 and $10, respectively. D. 600 and $8, respectively.