Price equals the minimum of long-run average cost
A) in a long-run equilibrium.
B) in a short-run equilibrium as well as in a long-run equilibrium.
C) whenever average revenue equals marginal cost.
D) along a horizontal long-run supply curve, but not along an upward sloping long-run supply curve.
A
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The originate-to-distribute business model has a serious ________ problem since the mortgage broker has little incentive to make sure that the mortgagee is a good credit risk
A) principal-agent B) debt deflation C) democratization of credit D) collateralized debt
According to John Maynard Keynes
a. effective demand determines real GDP. b. Say's Law is always correct. c. a free market economy automatically finds equilibrium at full employment. d. prices and wages move up and down freely. e. supply creates its own demand.