Consider an industry that is in long-run equilibrium. An increase in demand leads to an increase in the price of the good. We know that this is
A) a decreasing cost industry.
B) a constant cost industry.
C) an increasing cost industry.
D) not a competitive industry.
C
Economics
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In a classical model
A) equilibrium real GDP is demand determined. B) equilibrium real GDP is neither determined by aggregate supply nor by aggregate demand. C) equilibrium real GDP is determined by both aggregate supply and aggregate demand. D) equilibrium real GDP is supply determined.
Economics
A point inside a nation's production possibilities curve can represent:
a. a recession. b. an increase in population size. c. an economic growth. d. a technological advancement. e. an improvement in living standards.
Economics