Unless the aggregate supply curve is vertical, decreases in aggregate demand tend to
A. result in inflation.
B. cause the interest rate to rise.
C. result in increases in real output.
D. result in decreases in GDP.
D. result in decreases in GDP.
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The darkened area in the figure above is the
A) deadweight loss. B) firm's economic loss. C) consumer surplus. D) firm's total cost. E) firm's total revenue.
The monetary base minus reserves equals
A) currency in circulation. B) the borrowed base. C) the nonborrowed base. D) discount loans.
In the above figure, if this natural monopolist were forced to use marginal cost pricing, it would produce
A) at Q1 output rate. B) at Q2 output rate. C) at Q3 output rate. D) past the Q3 output rate.
A good or service that is forgone by choosing one alternative over another is called a(n):
a. explicit cost. b. opportunity cost. c. historical cost. d. accounting cost.