Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. If the market price of hay falls to $18, then to maximize profits this farmer should produce
A. 350 bales of hay.
B. 500 bales of hay.
C. 750 bales of hay.
D. a level of output that is indeterminate from this information.
Answer: A
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The trade-offs facing consumers include:
A) how to allocate income across goods and serves. B) how to allocate income between consumption and savings. C) both A and B D) none of the above
All of the following are major greenhouse gases (GHGs), EXCEPT
a. carbon dioxide (CO2) b. methane (CH4) c. nitrous oxide (N2O) d. volatile organic compounds (VOCs)
If firms in a monopolistically competitive industry are making profits in the short run, then
A) barriers to entry will be erected to keep out rivals. B) some firms will ultimately exit the industry. C) they will resort to advertising wars to help sustain these profits. D) new firms will enter the market.
If velocity is equal to 4, this means that
A) the rate of growth of the money supply is 4. B) an increase in the money supply will lead to an increase in aggregate supply of 4. C) each dollar of the money supply is spent on the average 4 times per year. D) for every 4 dollars of the money supply, nominal GDP will increase by 4.