Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1  50  50  2002  50  60  2153  50  70  2254  50  80  230Refer to Table 31.2. During Period 1, labor productivity is equal to

In the long run, the output level is determined by

A. aggregate demand. B. aggregate supply. C. household income. D. the government.

If perfect competition existed everywhere, along with frictionless exchange, perfect information, and constant returns to scale,

a. consumers would carry out transactions directly with resource suppliers b. firms would not have the information necessary to calculate marginal productivities of resources c. entrepreneurs would be needed to collect information d. consumers would produce output and then engage in barter e. the economy would be organized into one large firm