The gap between potential GDP and real GDP had been as large as 7 percent during the worst of the 2007-2009 recession. By 2015, the gap

A) was positive, with real GDP exceeding potential GDP.
B) had been eliminated.
C) remained at 7 percent.
D) was still nearly 3 percent.

Economics

Which of the following formulas is used to determine either total economic profit or total economic loss?

a. P* + ATC ? q* b. P* ? ATC ? q* c. q* ? ATC ? P* d. q* + ATC ? P*

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Economics

Do firms really seek to maximize profits?

What will be an ideal response?

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Economics