There is much agreement among policy analysts and researchers that the 1996 welfare reform has failed

Explain why the long-run total cost curve, not the short-run total cost curve, shows the lowest cost of producing any level of output. Is there an exception?

What will be an ideal response?

If consumer purchases of a good are highly sensitive to the price of the good, economists say the demand for the good is relatively

a. inelastic. b. elastic. c. robust. d. inverse.