Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________.
A. Rising; A
B. Falling; A; C
C. Falling; B: C
D. Rising; A; C
Answer: B
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In the United States, someone is classified as unemployed if he or she
A) does not have a job. B) does not have a job, or else has a job but is looking for a different one while continuing to work. C) does not have a job, has recently looked for work, and is collecting unemployment insurance. D) does not have a job, and is collecting unemployment insurance. E) none of the above
The long-run equilibrium price-output combination for a monopolist is economically inefficient because:
a. it does not operate on the minimum point of its marginal-cost curve. b. it does not produce the level of output at which price equals marginal cost. c. consumer surplus is maximized but not producer surplus. d. producer surplus is maximized but not consumer surplus. e. it operates on the downward sloping portion of the average-total-cost curve.