In the model of the open economy with perfect capital mobility, ________ is an exogenous variable

Long-lasting resources used to expand the production of goods and services in the future are called

a. consumables. b. capital goods. c. consumer durables. d. inventories.

If the price of a product is $12, its average total cost is $2 and its average variable cost is $15 at the profit-maximizing output level,  in the short run the firm:

A. should expand output until MR = MC. B. cannot cover total fixed costs. C. experiences a loss. D. must always shut down.