If the price elasticity of supply is zero, then
a. supply is more elastic than it is in any other case.
b. the supply curve is horizontal.
c. the quantity supplied is the same, regardless of price.
d. a change in demand will cause a relatively small change in the equilibrium price.
c
Economics
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The long-run effect of increasing government budget deficits
A) is a redistribution of real GDP from privately provided goods to government provided goods. B) is no impact on equilibrium real GDP. C) is to increase of price level. D) all of the above.
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Accounting profit equals
a. explicit costs minus implicit costs b. economic profit minus implicit costs c. economic profit minus explicit costs d. economic profit minus explicit costs and implicit costs e. economic profit plus implicit costs
Economics