In economics, how long is the long run?
A) more than one year
B) 24 months or longer
C) 5 years or more
D) whatever time it takes a firm to vary all inputs
Answer: D
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Producer surplus is the difference between the
A) price and the willingness to pay for the good. B) price and the marginal cost of producing the good summed over the quantity sold. C) willingness to pay for the good and the marginal cost of producing the good summed over the quantity sold. D) marginal benefit of consuming the good and the marginal cost of producing the good summed over the quantity sold.
Stagflation can be explained by a
a. shift in the short run Phillips curve to the left. b. shift in the short run Phillips curve to the right. c. a movement along the short run Phillips curve to the right. d. a movement along the short run Phillips curve to the left.