The long run aggregate supply curve (LRAS) also represents
A) the full-employment level of output. B) the full-information level of output.
C) the full-adjustment level of output. D) all of the above.
D
Economics
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In the figure above, using the midpoint method, what is the price elasticity of demand when the price falls from $8 to $7?
A) 4.0 B) 5.0 C) 0.5 D) 0.4 E) 0.25
Economics
Air pollution from burning fossil fuels causes damages to crops and public health. This is an example of
a. a market failure caused by an externality. b. a market failure caused by market power. c. a market failure caused by equality. d. There is no market failure in this case.
Economics