A kinked demand curve is most likely to occur when other firms
a. follow any change in price by a rival firm.
b. engage in collusive practices.
c. follow a downward change in price but not an upward change by a rival firm.
d. ignore any change in price by a rival firm.
c. follow a downward change in price but not an upward change by a rival firm.
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Refer to the figure below. At the original market equilibrium: 
A. 40 cups are sold per hour at a price of $2.00 each. B. 50 cups are sold per hour at a price of $2.50 each. C. 50 cups are sold per hour at a price of $1.00 each. D. 60 cups are sold per hour at a price of $1.50 each.
In the above figure, if the single-price monopolist charges a price that maximizes its profits, consumer surplus is
A) area hacd. B) area bac. C) area jae. D) area jbce.
The Big Mac index:
A. is measured by The Economist. B. is a simple measure that indicates differing costs of living in different countries. C. converts the price of a Big Mac worldwide to dollars, and compares it to how much they cost in the U.S. D. All of these statements are true.
If Q represents real GDP and P is the price level, then P × Q equals ______.
a. real NI b. real NNP c. nominal NNP d. nominal GDP