Refer to Figure 15-19. If the monopoly firm perfectly price discriminates, then consumer surplus amounts to
a. $0.
b. $1,562.50.
c. $3,125.
d. $6,250.
Answer: a. $0.
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. The quantity at which quantity demanded and quantity supplied are equal for a certain price level is known as
a. equilibrium price. b. equilibrium quantity. c. equilibrium rate. d. equilibrium level.
If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy?
A) a decrease in the money supply and an increase in the interest rate B) an increase in government spending C) an increase in taxes D) an increase in oil prices
Stagflation refers to:
A. an increase in inflation accompanied by decreases in real output and employment. B. a decline in the price level accompanied by increases in real output and employment. C. a simultaneous increase in real output and the price level. D. a simultaneous reduction in real output and the price level.
Refer to the information provided in Figure 8.3 below to answer the question(s) that follow. 
Figure 8.3
Refer to Figure 8.3. If the total fixed cost is $50, then average total cost of producing 10 basketballs is
A. $3. B. $5. C. $8. D. $80.