Refer to the table above. Assuming that the market consists of only these three sellers, what is the market supply when the price is $2?
A) 39 units B) 52 units C) 89 units D) 41 units
A
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What assumptions are made concerning wages and prices in a classical economic model?
What will be an ideal response?
If the price level increases from 110.0 to 115.0, the quantity of
A) real GDP supplied will increase. B) real GDP supplied will decrease. C) potential GDP will decrease. D) real GDP demanded will increase. E) potential GDP will increase.
A competitive equilibrium fails to be a Pareto Optimum with a distorting tax because
A) the consumer's budget constraint has an additional kink. B) the firm is no longer maximizing profits. C) the government wastes its revenue. D) the consumer faces a different effective wage than the firm.
Utility is most closely defined as _____
a. the purchasing power of individuals b. welfare maximization c. a medium of exchange d. satisfaction e. an opportunity cost