If the demand for mushrooms increases while the supply remains unchanged, this will result in
A. a shortage of mushrooms as the market price remains unchanged.
B. an increase in the quantity of mushrooms sold and an increase in their price.
C. an increase in the quantity of mushrooms sold but no change in price.
D. a decrease in the quantity of mushrooms sold and an increase in their price.
B. an increase in the quantity of mushrooms sold and an increase in their price.
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Refer to Figure 15-4. What is the amount of the monopoly's total revenue?
A) $21,600 B) $20,400 C) $19,740 D) $7,800
Which of the following is not a primary cause of business cycle fluctuations, according to real business cycle theory?
A) A change in the production function B) A change in the size of the labor force C) A change in the money supply D) A change in the real quantity of government purchases
Which of the following is an income number?
a. M1 b. M2 c. GDP d. cash
If countries 1 and 2 produce only two goods, A and B, and they have the same opportunity cost for the production of good A (and thus good B), then
A) each country will specialize in the production of one good and engage in trade. B) neither country will specialize in the production of a good, but both will engage in trade. C) one country will specialize in the production of a good, and both will engage in trade. D) neither country will specialize in the production of a good, and there will be no incentive for trade.