Refer to the above graph for a profit-maximizing monopolist. The firm will set its price at:
Answer: d. 0J
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Calculate the change in the price level for each of the following events, taken one at a time, with other variables unchanged.
(a) Money supply increases 10%. (b) Money demand increases 5% (c) Money supply decreases 5% while money demand increases 5%. (d) Money supply increases 15% while money demand increases 5%.
In terms of manpower needed to fight the Civil War, the South was disadvantaged by
a. a smaller total population of military-aged males than the North. b. limited support from free, white males in border states. c. a population that included over 1 million military-aged slaves who could not be used for direct combat. d. the fact that some of its manpower had to be used to repress the slave labor force. e. All of the above.
When there is a recessionary gap: a. Real output exceeds the natural level of real output. b. Real output equals the natural level of real output
c. Real output is less than the natural level of real output. d. Any of the above is possible.
Discrimination occurs when the marketplace offers different opportunities to similar individuals who differ only by
a. race. b. level of education. c. attitudes toward risk. d. All of the above are forms of discrimination.