The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 

Shaniq has seen two movies this week and two baseball games. Her marginal utility of one more movie is 20 and her marginal utility of one more baseball game is 30. Shaniq will go to a baseball game tonight, rather than to another movie

A) no matter how much more the baseball game costs compared to the movie. B) if the baseball game costs $10.00 and the movie costs $7.00. C) if the baseball game costs $10.00 and the movie costs $5.00. D) Both answers B and C are correct.

What does it mean when an economist says that a firm is buying labor in a competitive market?

What will be an ideal response?