The change in the price of a good leads to a change in ________, which leads to a ________.
A. supply; shift of the supply curve
B. supply; movement along a supply curve
C. quantity supplied; shift of the supply curve
D. quantity supplied; movement along a supply curve
Answer: D
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A monopoly sets its price such that demand for the good produced is ______
A. unit elastic B. inelastic C. elastic D. either elastic or inelastic, but never unit elastic
If the marginal propensity to save (MPS) is 0.10, the value of the spending multiplier is:
a. 1. b. 9. c. 10. d. 90.
An economic forecast will always yield an accurate forecast
Indicate whether the statement is true or false
Refer to the figure below.
If a price ceiling were imposed at $4, total economic surplus would be ________, which is ________ less than when the market is unregulated market.
A. $8; $24 B. $24; $16 C. $24; $8 D. $48; $8