The long run is the period of time during which:
a. real wage is exactly equal to nominal wage.
b. inflation is zero
c. excess aggregate demand leads to a shortage.
d. real wages are constant.
e. all resource prices can be varied.
e
Economics
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Refer to Figure 12-7. If the market price is P3 the firm
A) will earn enough revenue to cover its variable costs but not its fixed costs. B) will break even. C) will make a profit. D) will produce a quantity of Q1.
Economics
In many years, off-farm income at the national level is ________ than net farm income
Fill in the blank(s) with correct word
Economics