In the long run, a firm should exit the industry if its total costs exceed its total revenues

Which of the following is a form of capital for most economics professors?

A) Chalk B) Paper C) Calculators D) All of the above E) None of the above is capital, since economists define capital as liquid assets.

Suppose that the short-run aggregate supply curve is: ?= 2 + 1.5 (Y-10), where ? is inflation and Y is output; and the aggregate demand curve is Y= 11 - 0.5?. The equilibrium output is ________ and the equilibrium inflation rate is ________ %

A) 10; 2 B) 17.5; 2 C) 2; 10 D) 10; 7.5