In a market with 1,000 identical firms, the short-run market supply is the
a. marginal cost curve above average variable cost for a typical firm in the market.
b. quantity supplied by the typical firm in the market at each price.
c. sum of the prices charged by each of the 1,000 individual firms at each quantity.
d. sum of the quantities supplied by each of the 1,000 individual firms at each price.
d
Economics
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In growth theory, the change in a country's standard of living is measured by the change in
A) employment. B) the nation's capital stock. C) wages per person. D) real GDP. E) real GDP per person.
Economics
Suppose that last year the unemployment rate was 5 percent and the inflation rate was 2.5 percent. If the natural rate of unemployment is 5 percent, how do you expect inflation to change?
What will be an ideal response?
Economics