The total cost schedule shows the relationship between different amounts of inputs and the resulting level of output

Draw an aggregate supply and aggregate demand graph which shows the economy producing an output which exceeds potential output in the short run, and the adjustment that will occur as the economy adjusts to long-run equilibrium

What will be an ideal response?

The Bertrand model of price setting assumes that a firm chooses its price

A) independently of what price other firms charge. B) subject to what price rival firms are charging. C) so that joint profits are maximized. D) without considering the shape of the demand curve.