Under the cartel model, each firm produces where
a. marginal cost equals marginal revenue.
b. price equals marginal cost.
c. the average cost curve is at a minimum.
d. price exceeds marginal cost by the greatest amount.
a
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
The money market model is concerned with ________ and the loanable funds market model is concerned with ________
A) short-term nominal interest rates; long-term real interest rates B) short-term nominal interest rates; long-term nominal interest rates C) short-term real interest rates; long-term nominal interest rates D) short-term real interest rates; long-term real interest rates
A rising average cost implies that
a. marginal cost is equal to average cost b. marginal cost is above average cost c. marginal cost is below average cost d. none of the above
Scarce was described as which of the following
a) when it's freely available b) when it's not a lot of it c) when there is a lot of it d) when it's not available