Most of the problems caused by inflation are caused by the fact that
A. inflation causes the purchasing power of the dollar to increase.
B. the inflation is often unanticipated and therefore comes as a surprise to individuals in the economy.
C. there are no ways available for people to protect themselves against inflation.
D. anticipated inflation induces people to protect themselves against inflation.
Answer: B
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For a given market demand curve, if the market clearing price decreases, then the amount of consumer surplus will
A) decrease. B) increase. C) become negative. D) none of the above due to insufficient information.
In which of the following markets are we most likely to find a monopoly?
a. Automobile production. b. Air travel. c. First-class mail delivery. d. Clothing production.
Other things being equal, which market structure would produce the least output and the highest average product price?
A) monopoly B) oligopoly C) monopolistic competition D) perfect competition
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. 
Figure 9.7 Refer to Figure 9.7. This increasing cost industry's ________ would be found by drawing a line from points B to E.
A. long-run demand curve B. long-run supply curve C. marginal revenue curve D. marginal cost curve