Equilibrium expenditure is defined as the level of aggregate expenditure where...
a) actual aggregate expenditure equals real GDP
b) total inventories equal zero
c) aggregate planned expenditure equals real GDP
d) spending equals output
c) aggregate planned expenditure equals real GDP
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Owners and managers
A) must be the same people. B) may be different people with different goals, and in the long run firms that do best are those in which the managers are allowed to pursue their own independent goals. C) may be different people with different goals, but in the long run firms that do best are those in which the managers pursue the goals of the owners. D) may be different people with different but exactly complementary goals. E) may be different people with the same goals.
The more bidders there are at an oral auction,
a. the higher the expected selling price b. the higher each bidder bids c. the longer that each bidder will continue to bid d. the less each bidder will shade his bid