When real GDP is in equilibrium there will be no tendency for real GDP to _____ or _____.
Fill in the blank(s) with the appropriate word(s).
increase; decrease
Economics
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Refer to the figure above. What does the slope of the aggregate production function imply?
A) Decreasing returns to scale B) Diminishing marginal product of capital C) Diminishing marginal product of labor D) Increasing returns to scale
Economics
Keeping in mind the Coase theorem, in the figure above, if the residents of the town own the lake, how much do they charge the factories to dump waste?
A) $30 per ton of pesticide produced B) $40 per ton of pesticide produced C) $20 per ton of pesticide produced D) Nothing
Economics