If the firm were a perfect competitor in the long run, how much would its output be?
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Oligopolistic firms tend to make large economic profits over time because
A. they have complete control in the market to charge any price they want. B. they produce at a point that is allocatively efficient. C. they charge higher than average total cost prices. D. they are productively efficient and produce the least costly way.
Seth is a competitive body builder. He says he has to have his 12-oz package of protein powder to "feed his muscles" every day. On the basis of this information, what can you conclude about his price elasticity of demand for protein powder?
A) It is perfectly inelastic. B) The price elasticity coefficient is 1. C) It is elastic. D) It is perfectly elastic.
How are deficit and surplus items determined in the balance of payments?
What will be an ideal response?