Barbara buys the same market basket each week and spends $60 on it. This week Barbara brought $60 to the store but could not buy her usual market basket. One explanation for this is ________.
A. she became unemployed
B. there was an increase in real GDP
C. the GDP price index has decreased
D. there was inflation
Answer: D
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In a monopolistic competition scenario, as long as a firm is earning positive economic profits:
a. new competitors will be discouraged from entering the market. b. new competitors will continue to enter the market. c. a state of perfect competition will continue, balanced between new and existing competitors. d. the firm’s demand and marginal revenue curves will increase because of new competitors.
Who expressed this view? "Unlike the present period, (black) inner-city communities prior to 1960 exhibited the features of social organization—including a sense of community, positive neighborhood identification, and explicit norms and sanctions against aberrant behavior."
A. Charles Murray B. William Julius Wilson C. Mickey Kaus D. Lisabeth Schorr
Consider a firm with the following cost and revenue information: ATC = $8, AVC = $7, and MR = MC = $6. If the firm produces Q = 60 in the short run, it:
A. is minimizing losses. B. makes a total loss of $60. C. should produce more output. D. should shut down.
Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. Ohio Edison would be willing to pay up to area ________ for rent-seeking activities to protect its monopoly power.
A. FAE B. FGBC C. BEC D. FGBE