Suppose that real domestic output in an economy is 300 units, the quantity of inputs is 50, and the price of each input is $9. The level of productivity in this economy is:

In the long-run, a perfectly competitive firm will achieve

a. An average rate of return b. Above average profits c. Losses d. Economic Profits

Which of the following is an example of a supply shock?

A. a surprise increase of the money supply B. an increase in government spending C. a sharp increase in the price of oil D. an increase in the price level