The cost of not being able to extract and sell a nonrenewable resource in the future (because it is being extracted in the present) is known by natural resource economists as the:

According to the Keynesian model, the short-run aggregate supply (SRAS) curve is horizontal when

A) prices react to an aggregate demand shock but real Gross Domestic Product (GDP) does not. B) there are no unemployed resources and wages do not change when prices change. C) there are unemployed resources and prices do not fall when aggregate demand falls. D) real Gross Domestic Product (GDP) is at full capacity but prices are not flexible.

The smallest quantity of output at which long-run average cost is at a minimum is a firm's ________

A) maximum efficient scale B) profit-maximizing output point C) minimum efficient scale D) efficient output point