During the recession of 2009, the consumption function temporarily shifted ________ as a fall in house prices ________ wealth and encouraged people to ________ more

The costs in time and other resources that parties incur in the process of agreeing to and carrying out an exchange of goods or services are called

A) selling costs. B) exchange costs. C) transactions costs. D) implicit costs.

Refer to Figure 12-11. Suppose the prevailing price is $20 and the firm is currently producing 1,350 units. In the long-run equilibrium, the firm represented in the diagram

A) will continue to produce the same quantity. B) will reduce its output to 750 units. C) will reduce its output to 1,100 units. D) will cease to exist.