If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then ________ has a(n) ________ advantage in producing shoes.

The optimal output of a collective consumption good is found by_____

a. equaling marginal cost and the vertical summation of all individual's demand curves b. equaling price and marginal cost c. equaling marginal cost and the horizontal summation of all individual's demand curves d. equaling marginal cost and long-run average total cost

Within the AD/AS model, if consumers and investors become more optimistic about the future direction of the economy,

a. aggregate demand will decrease. b. aggregate demand will increase. c. long-run aggregate supply will increase. d. long-run aggregate supply will decrease.