In peak-load pricing,
A) marginal revenue is equal in both periods.
B) marginal revenue in the peak period is greater than in the off-peak period.
C) marginal revenue in the peak period is less than in the off-peak period.
D) the sum of the marginal revenues is greater than the sum of the marginal costs.
B
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The business cycle refers to
A) fluctuations in the level of real GDP around potential GDP. B) changes in the level of nominal GDP. C) changes in the level of the stock market. D) changes in the level of employment.
If money is neutral and velocity is stable, an increase in the money supply creates a proportional increase in
a. real output only. b. nominal output only. c. the price level only. d. both the price level and nominal output.
A factor market is any place or process where
A. Finished services are bought and sold. B. Land, labor, or capital is bought and sold. C. Finished goods are bought and sold. D. None of the choices are correct.
Stagflation describes a situation in the economy where the economy is
A. stagnant and prices are falling. B. growing and prices are falling. C. stagnant and prices are stable. D. stagnant and prices are rising.