In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its
A) implicit costs. B) fixed costs.
C) explicit costs plus its implicit costs. D) explicit costs.
Question 2
An increase in the price level results in a(n) ________ in the quantity of real GDP demanded because ________.
A) decrease; a higher price level increases consumption, investment, and net exports.
B) increase; a higher price level increases consumption, investment, and net exports.
C) decrease; a higher price level reduces consumption, investment, and net exports.
D) increase; a higher price level reduces consumption, investment, and net exports.
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