A firm operating in a competitive market will stay in business in the short run so long as the market price exceeds the firm's average total cost; otherwise, the firm will shut down

Refer to Table 8-5. The value of each automobile in gross domestic product equals

A) $7,000. B) $15,000. C) $18,000. D) $25,000.

In the context of aggregate supply, the short run is defined as the period during which

a. some prices are set by contracts and cannot be adjusted. b. prices can change, but neither aggregate supply nor aggregate demand can shift. c. individuals have sufficient time to modify their behavior in response to price changes. d. quantity changes cannot occur in response to changes in relative prices.