A group of buyers and sellers of a particular good or service is known as
a. coalition.
b. partnership.
c. market.
d. union
Ans: c. market.
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Which of the following best explains why the federal tax rebates in 2008 and 2009 had almost no effects on aggregate demand?
A) According to Ricardian equivalence theorem, those tax rebates did not affect aggregate demand because they were accompanied by more government spending. B) According to the permanent income hypothesis, those one-time tax rebates did not affect consumption because taxpayers did not believe the rebates would occur. C) According to Ricardian equivalence theorem, those tax rebates did not affect aggregate demand because there were no direct expenditure offsets. D) According to the permanent income hypothesis, those one-time tax rebates did not affect consumption because they did not change taxpayers' permanent income.
The scarcity of a good can be reduced only by
What will be an ideal response?
Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. 
Figure 15.1 Refer to Figure 15.1. If Dom's Barber Shop is maximizing profit, its total revenue equals
A. $200. B. $320. C. $350. D. $360.
A price floor that is set above market equilibrium will cause
A) an excess quantity demanded. B) a shortage. C) a surplus. D) queuing on the part of consumers.