Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

Beth is participating in an open outcry Dutch auction. Bidding starts at $500, and her maximum williness to pay is $400. The total number of bidders participating in the auction is 4

Her optimal bid strategy is to buy when the price reaches ________. A) $320 B) $300 C) $375 D) $125

Variable costs are zero when quantity is zero because variable costs ______.

a. are the same regardless of output b. are not incurred without production c. are not used to calculate total costs d. are implicit and cannot be quantified