Refer to the above figure. If real Gross Domestic Product (GDP) is $6 trillion, then unplanned business inventories will

The existence of a natural monopoly stems from the size of the firm relative to the total market demand for the product of that firm.

Answer the following statement true (T) or false (F)

Figure 5-1

In , S₁ and D illustrate the demand and supply for a product if it were produced in a normal competitive market. Which of the following would be true if the firms in the industry were instead able to get government licensing restrictions to limit competition in the market?
a.
The restricted market supply would be S₃, resulting in a lower price and a higher than efficient level of output.
b.
The restricted market supply would be S₃, resulting in a higher price and a less than efficient level of output.
c.
The restricted market supply would be S₂, resulting in a lower price and a higher than efficient level of output.
d.
The restricted market supply would be S₂, resulting in a higher price and a less than efficient level of output.

The formula for the multiplier is

When 100 people who were previously looking for jobs stop looking for jobs, the

A. unemployment rate increases. B. labor-force participation rate does not change. C. unemployment rate does not change. D. size of the labor force decreases.