From the demand side, the equilibrium level of GDP is one at which
a. everyone who wants a job has one and firms are not looking for extra workers.
b. the only unemployment is frictional.
c. aggregate demand equals production.
d. the only unemployment is cyclical.
c
Economics
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The long-run average cost curve
A) is the sum of a firm's short-run average cost curves. B) shows the lowest average cost facing a firm as it increases output changing both its plant and labor force. C) initially rises when output increases and then falls when output increases. D) always falls as output increases. E) always rises as output increases.
Economics
Refer to Figure 15-12. What is the amount of consumer surplus if, instead of monopoly, the industry was organized as a perfectly competitive industry?
A) $21 B) $124 C) $186 D) $332
Economics