The long-run equilibrium position of the monopolistic ally competitive firm occurs at a point where average costs are:

The growth rates of actual and potential GDP

A. are similar in both the short and long run. B. are similar in the short run but not the long run. C. are similar in the long run but not the short run. D. are different in both the short and long run.

Farm subsidies

A. enable industrial nations to export much of their agricultural output at artificially low prices. B. in the world's richest nations amount to over $300 billion. C. make it more difficult for less developed nations to purchase capital equipment from U.S. manufacturers such as Caterpillar. D. All of the choices are true.