In Figure 26.1, producer surplus under monopoly is 
A. P2AC.
B. EBC.
C. FP2C.
D. FP1BE.
Answer: D
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The difference between the number of workers employed if the economy was operating at full employment and the number of workers currently employed given aggregate expenditures is known as
a. cyclical unemployment b. frictional unemployment c. structural unemployment d. unemployment is not possible in the short run macro model e. urban unemployment
Aggregate supply (AS) refers to:
a. the total quantity of inputs that firms will request and purchase. b. the total quantity of output that firms will produce and sell. c. the smallest quantity of output that firms will produce and destroy. d. the total quantity of inputs that firms will request and waste.
Each firm in a monopolistically competitive market faces a perfectly inelastic demand curve for its product
a. True b. False Indicate whether the statement is true or false
On the 4 degree line diagram, for points that lie below the 45 degree line
What will be an ideal response?