A recessionary gap develops _____
Fill in the blank(s) with the appropriate word(s).
only when unemployment exceeds its natural rate.
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In the short run, total costs equal
A) the sum of total fixed costs and total variable costs. B) the sum of total fixed costs and total explicit costs. C) the sum of total variable costs and total implicit costs. D) the sum of total fixed costs and total implicit costs.
Refer to the table below. If Just Juice is producing the profit-maximizing total quantity, what is the profit -maximizing price for Just Juice to charge per bottle?
Just Juice produces whole fruit juice that it sells in single bottles. Just Juice is a multi-plant firm with market power. The above table summarizes the total marginal cost of production at various output levels in Just Juice's two plants with the corresponding marginal revenue (dollars per bottle) and market demand (price per bottle).
A) $4.50
B) $4.00
C) $2.00
D) $3.50