Refer to Figure 4-10. With rent control, the quantity supplied is Q1. Suppose apartment owners ignore the law and rent this quantity for the highest rent they can get. What is the highest rent they can get?
A) more than R1 B) R* C) R1 D) R0
C
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Which of the following is a liability of a family?
A. House B. Mortgage C. Share of stock D. Checking account balance
Fresh Taste, Inc produces organic breakfast cereals. The market for breakfast cereals is monopolistically competitive
The figure above shows the demand curve that Fresh Taste faces (D), the company's marginal revenue curve (MR), its marginal cost curve (MC), and its average total cost curve (ATC). If Fresh Taste and other firms in the market are currently producing their profit maximizing quantities of cereals, then the market is A) in both short-run equilibrium and long-run equilibrium. B) in short-run equilibrium but not in long-run equilibrium. C) in long-run equilibrium but not in short-run equilibrium. D) neither in short-run equilibrium nor in long-run equilibrium.
Refer to Table 10-1. If Keegan can drink all the bubble tea he wants for free, how many glasses will he consume?
A) 4 glasses B) 5 glasses C) 6 glasses D) 7 glasses
Keynesian monetary theory:
a) is the same as the classical theory in all essential elements. b) states that changes in the money supply have no impact on GDP in either the short or long run. c) states that an increase in the money supply leads to lower interest rates, which stimulates investment and aggregate demand. d) states that an increase in the money supply will lower interest rates and thereby shift the long-run aggregate supply curve to the right.