If the price of cameras rise, there will be a(n)
A. decrease in the demand for film.
B. increase in the quantity of cameras demanded.
C. increase in the demand for film.
D. None of the answers are correct.
A. decrease in the demand for film.
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Graphically, producer surplus is measured as the area
A. under the demand curve and below the actual price. B. above the supply curve and above the actual price. C. under the demand curve and above the actual price. D. above the supply curve and below the actual price.
If a firm produces 10 units, TC=$100 . When the firm increase its output to 15 units, TC= $150 . The firm's variable costs equal to
a. $50 b. $150 c. $25 d. $100
In the view of the classical school, unemployment:
a. is a permanent condition. b. disappears when everyone who is willing to work at the equilibrium wage finds employment. c. exists because people do not interfere with the competitive process. d. is only temporary because all wages and prices are rigid. e. is necessary and good for the economy.