If a market produces a level of output that exceeds the competitive equilibrium output, then
A) social welfare will be higher.
B) producer surplus will be higher.
C) marginal cost will exceed price.
D) All of the above.
C
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If velocity is equal to 4, this means that
A) the rate of growth of the money supply is 4. B) an increase in the money supply will lead to an increase in aggregate supply of 4. C) each dollar of the money supply is spent on the average 4 times per year. D) for every 4 dollars of the money supply, nominal GDP will increase by 4.
Given a price elasticity of demand of -0.33, a decrease in price will
A) reduce total revenue. B) increase total revenue. C) leave total revenue unchanged. D) decrease quantity.
If unemployment benefits, payable for 26 weeks, became more generous it would be likely to _____ structural unemployment and _____ the natural rate of unemployment:
a. Not change; not change b. Not change; increase c. Increase; increase d. Increase; not change
Table 11-2 QTRTC89590910293 10110100 11112105 12115110 ? In Table 11-2, average cost at the profit-maximizing output is how much?
A. $5 B. $8 C. $10 D. $11