This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The above figure illustrates a firm's total revenue and total cost curves. Which one of the ... (Read 113 times)

piesebel

  • Hero Member
  • *****
  • Posts: 565
on: Jun 29, 2018
The above figure illustrates a firm's total revenue and total cost curves. Which one of the following statements is FALSE?
 
  A) Economic profit is the vertical distance between the total revenue curve and the total cost curve.
  B) At output Q1 the firm makes zero economic profit.
  C) At an output above Q3 the firm incurs an economic loss.
  D) At output Q2 the firm incurs an economic loss.

Question 2

In the above figure, if aggregate demand does not change, the long-run equilibrium will be at the price level of ________ and real GDP of ________.
 
  A) 100; 15.5 trillion
  B) 120; 16 trillion
  C) 100; 16 trillion
  D) 110; 15.5 trillion


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Harbringer

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

C


piesebel

  • Member
  • Posts: 565
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

cdmart10

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Population predictions for 2000–2050, using three different total fertility rates ( Population predictions for 2000–2050, using three different total fertility rates (
(A) Figure illustrating the location and appearance of a peptic ulcer in both the stomach and the du (A) Figure illustrating the location and appearance of a peptic ulcer in both the stomach and the du
Three pathways of complement combined. (a) Figure shows a summary of how each pathway proceeds. (b) ... Three pathways of complement combined. (a) Figure shows a summary of how each pathway proceeds. (b) ...
EYEMA-O-BYERI (Reliquary Figure) EYEMA-O-BYERI (Reliquary Figure)
Cost Accounting: A Managerial Emphasis 16th Edition Cost Accounting: A Managerial Emphasis 16th Edition
Diagram illustrates how the dimensions of masculinity and femininity Diagram illustrates how the dimensions of masculinity and femininity
Video: The Lagging Strand in DNA Replication and Replication in Action

For a complete list of videos, visit our video library