Author Question: Using the data in the above table, in the long-run macroeconomic equilibrium, the price level is ... (Read 123 times)

tatyanajohnson · **on:** Jun 29, 2018

Using the data in the above table, in the long-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________.

A) 115; 10 trillion
B) 110; 10 trillion
C) 105; 11 trillion
D) 115; 11 trillion

Question 2

When the average product of labor is greater than the marginal product of labor

A) the marginal product of labor must be increasing as labor increases.
B) there must be increasing marginal returns.
C) the average product of labor is decreasing as labor increases.
D) None of the above answers is correct