Which of the following is included in government purchases?
a. unemployment benefits a state pays
b. Social Security payments the U.S. government makes
c. the services of a U.S. government attorney valued at the cost of her salary
d. All of the above are correct.
c
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The primary difference between a change in supply and a change in the quantity supplied is:
A) a change in quantity supplied is a shift in the supply curve, and a change in supply is a movement along the supply curve. B) both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions. C) a change in quantity supplied is a movement along the supply curve, and a change in supply is a shift of the supply curve. D) a change in supply is a movement to the left along the supply curve and a change in quantity supplied is a movement to the right along the supply curve.
The U-pick berry market is perfectly competitive. Suppose that all U-pick blueberry farms have the same cost curves and all are making an economic profit. What happens as time passes? What is the long-run equilibrium outcome?
What will be an ideal response?