Economic stagnation coupled with high inflation is commonly called:
A. stagflation.
B. inflationary stagnation.
C. stagnatory growth.
D. inflagnation.
Answer: A
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In a market with positive externalities, the market equilibrium price will be less than the efficient equilibrium price
Indicate whether the statement is true or false
Refer to Figure 12-18. Use the figure above to answer the following questions
a. How can you determine that the figure represents a graph of a perfectly competitive firm? Be specific; indicate which curve gives you the information and how you use this information to arrive at your conclusion. b. What is the market price? c. What is the profit-maximizing output? d. What is total revenue at the profit-maximizing output? e. What is the total cost at the profit-maximizing output? f. What is the profit or loss at the profit-maximizing output? g. What is the firm's total fixed cost? h. What is the total variable cost? i. Identify the firm's short-run supply curve. j. Is the industry in a long-run equilibrium? k. If it is not in long-run equilibrium, what will happen in this industry to restore long-run equilibrium? l. In long-run equilibrium, what is the firm's profit maximizing quantity?