Which of the following is the best synonym for "marginal" in economics?
A. Scarce
B. Additional
C. Basic
D. Minor
Answer: B
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A price ceiling leads to? a(n) ________ if it is set below the equilibrium price.
What happens to the equilibrium price and quantity in the market for science fiction novels, a normal good, when income increases and a new technology is invented, making it easier to publish books.
a. Quantity and price both increase. b. Quantity and price both decrease. c. Quantity will increase and the price change is ambiguous. d. Price will decrease but the quantity change is ambiguous.
The benefit of a price floor to ________ is ________.
A. consumers; the floor creates excess supply B. producers; the selling price of the product is above the equilibrium price C. consumers; the selling price of the product is below the equilibrium price D. producers; the floor creates excess demand
In the short run, the point on the aggregate demand curve where an economy will end up depends on:
A. the short-run aggregate supply curve. B. the money supply. C. potential output. D. the long-run rate of inflation.