Moe's reservation price for his economics textbook is $100. The week before the semester begins, Moe finds a copy of his textbook online for $75. Moe's consumer surplus from buying the textbook online is:
A. $100.
B. $75.
C. $125.
D. $25.
Answer: D
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A. undervalued; increase by 2,000 B. undervalued; increase by 5,500 C. overvalued; decrease by 2,000 D. overvalued; decrease by 5,500
Which of the following would best be classified as a complement for new houses/homes?
A. Lumber or steel B. Construction equipment C. Mortgage loans D. Rental apartments
In the United States, each bank panic in the late nineteenth and early twentieth centuries was accompanied by
A) inflation. B) deflation. C) a depression. D) a recession.
What happens if the economy is at its long-run equilibrium and aggregate demand increases?
What will be an ideal response?