Both positive nor negative supply shocks
a. Change AD
b. Permanently change real output in an economy.
c. Change the price level in the long run.
d. None of the above are true
c
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A perfectly competitive producer is
A. a "price maker." B. a "price taker." C. both a "price maker" and a "price taker." D. neither a "price maker" nor a "price taker."
In the figure above, the total revenue of a perfectly price-discriminating monopolist at the profit-maximizing output is equal to the area of
A) 0aij. B) 0dgh. C) aci. D) obeij.
If a firm has an accounting profit of $2,350,000 and implicit costs totaling $150,000 . then its economic profit equals
a. $2,350,000 b. $2,500,000 c. $2,200,000 d. $150,000 e. $2,000,000
A yellow dog contract is a(n)
a. signed contract by a worker that he/she will not join a union if hired b. signed contract by a worker that he/she will join a union if hired c. prolabor provision in a contract that only union members will be employed d. agreement by a union member that he/she will not join any other union e. agreement by a worker that he/she will not go on strike