At an output of 10, ATC is $9 and price is $9. At an output of 11, ATC is $9 and price is $9. MC = MR at an output of 10.5. At that output the firm will

Refer to the above figure. Which of the graphs is consistent with the long-run aggregate supply curve?

A) Graph A B) Graph B C) Graph C D) Graph D

Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that A = 1,000, the capital stock is $32,000 billion, and the current labor force is 120 million (or 0.120 billion) workers

All else equal, if the labor force increased by 20 million workers, the value of the marginal product of capital will be A) $0.0104. B) $0.0239. C) $0.0639. D) $0.0717.