Moving along the short-run aggregate supply curve, ________
A) the real wage rate is constant
B) real GDP equals potential GDP
C) the money wage rate, the prices of other resources, and potential GDP remain constant
D) real GDP equals nominal GDP
C
Economics
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The government prefers an ad valorem tax to a specific tax that reduces the monopoly output by the same amount because
A) consumers are not harmed by the ad valorem tax. B) the monopoly prefers the ad valorem tax. C) consumers prefer the ad valorem tax. D) the ad valorem tax transfers more revenue from the monopoly to the government.
Economics
If average fixed costs equal $60 and average total costs equal $120 when output is 100, the total variable cost must be:
a. $40. b. $60. c. $6,000. d. $8,000.
Economics