When there is a surplus of a product in a market the:
A. price will rise.
B. price must be above the equilibrium price.
C. producers will expand output and sales will rise.
D. price must be below the equilibrium price.
Answer: B
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The table above gives the demand for a monopolist's output. Between which two quantities is demand elastic?
A) 6 and 5 B) 5 and 4 C) 4 and 3 D) 3 and 2
Potential GDP is reached when
A) unemployment is zero. B) there is no cyclical unemployment. C) unemployment is above full employment. D) unemployment is below full employment. E) the natural unemployment rate equals zero.
The Monetary Control Act of 1980:
a. None of the answers are correct. b. restricted savings and loan associations to long-term loans. c. created less competition among various financial institutions. d. allowed fewer institutions to offer checking account services.
A firm's marginal cost curve above the minimum of the average variable cost curve is also:
A. the firm's demand for production curve. B. the firm's producer surplus curve. C. the firm's short-run supply curve. D. the market supply curve.