Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, how much profit will the firm earn?
A) $0
B) $306
C) $312
D) $1000.
E) $1024
A
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Refer to Figure 4-1. If the market price is $3.00, what is the consumer surplus on the second ice cream cone?
A) $0 B) $0.50 C) $3.00 D) $5.50
An increase in the real money supply can result from:
A) increase in the nominal money supply or an increase in the price level. B) increase in the nominal money supply or a decrease in the price level. C) decrease in the nominal money supply or an increase in the price level. D) decrease in the nominal money supply or a decrease in the price level.
Figure 1.1 displays exogenous variables entering a model from which emerge endogenous variables. Yet, in the five-step process to develop an economic model, the macroeconomist specifies the endogenous variables first, then the exogenous variables
Which is the correct sequence? Explain.
The price of a good will tend to rise when
a. there is excess demand for the good. b. there is excess supply of the good. c. demand for the good decreases. d. the supply of the good increases.