In an open economy, the quantity supplied of bikes in the domestic market is ________.

Which of the following is TRUE of a perfectly competitive firm and a monopoly in the long run?

A) P = MC B) P = ATC C) MR = MC D) P = MR

Figure 9-2

Which of the following is true for the economy depicted in ?
a.
Potential output exceeds y₁.
b.
When output y₁ is achieved, the actual rate of unemployment will exceed the natural rate of unemployment.
c.
When output y₁ is achieved, the actual rate of unemployment will be less than the natural rate of unemployment.
d.
When output y₁ is achieved, the actual rate of unemployment will equal the economy's natural rate of unemployment.