Refer to Figure 5-3. The efficient quantity of medical services is
A) 400. B) 800. C) 1,200. D) > 1,200.
B
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If the demand for a monopoly's output shifts rightward, the change in quantity produced is
A) positive. B) negative. C) zero. D) not predictable.
When the market price of a product is below the equilibrium price, shortages will result and sellers can be expected to reduce the supply of that product
a. True b. False Indicate whether the statement is true or false
If the government stops enforcing its collusion laws and oligopolies are now able to collude, they will ________ the price charged and ________ the total output produced.
A. decrease; increase B. decrease; decrease C. increase; increase D. increase; decrease
It is difficult to test whether the velocity of money is constant over time because
A. there is only one definition of the money supply. B. there has been very little variation in the money supply over time. C. there may be a time lag between a change in the money supply and its effects on nominal GDP. D. it is difficult to measure the value of nominal GDP over time.