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In long-run equilibrium a competitive firm produces the level of output at which?
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What is equilibrium GDP?
In the short run, equilibrium GDP is the level of output at which output and aggregate expenditure are equal
What is equilibrium output?
It is the output of an economy that equates aggregate supply with aggregate demand.
If the equilibrium output is below potential output?
This is known as the recessionary gap
What is competitive supply?
There is competitive supply,if an increase in the output of one commodity requires a reduction in the output of another commodity.
What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
What is equilibrium GDP?
In the short run, equilibrium GDP is the level of output at which output and aggregate expenditure are equal
What is equilibrium output?
It is the output of an economy that equates aggregate supply with aggregate demand.
If the equilibrium output is below potential output?
This is known as the recessionary gap
What is competitive supply?
There is competitive supply,if an increase in the output of one commodity requires a reduction in the output of another commodity.
What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
While producing less then the competitive output decreases social welfare. Can it be said about producing more than the competitive output?
Yes
What determinis the amount of output an economy produces?
haw the amount of output an economy produces can be determinis?
How do you find equilibrium price when given output and total cost?
The equilibrium price is the unit cost, which is the same as the total cost divided by the number of units produced (output).
How output and employment equilibrium is achieved through production in the classical theory?
equlibrium output and employment
How do you find a monopolist's profit maximising...?
The monopolist's profit maximizing level of output is found by equating its marginal revenue with its marginal cost, which is the same profit maximizing condition that a perfectly competitive firm uses to determine its equilibrium level of output. Indeed, the condition that marginal revenue equal marginal cost is used to determine the profit maximizing level of output of every firm, regardless of the market structure in which the firm is operating.
The level of output the economy can produce in the long run is referred to as?
haw the amount of output in economy produces can be detreminis?
What are the functions output device?
Output device is simply a device which produces an output or result of any processing. For example: monitor is an output device which displays the output of the calculations done by the CPU.
