A shortage or a surplus can exist when the current price is equal to the equilibrium price
a. true
b. false
Answer: b. false
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Suppose the figure below shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist. 
This monopolist maximizes its profit by producing ________ textbooks per week and charging a price of ________ per textbook.
A. 100; $40 B. 100; $80 C. 150; $40 D. 150; $20
A recession can best be defined as a period of time in which
A. total output of the economy falls. B. total output of the economy rises very slowly. C. total unemployment falls. D. total international trade fails to rise. E. the rate of inflation falls below zero.
In the consumption function, suppose a = 60, c = 0.75, Y = 3000, and T = 800. Consumption expenditure is
A) 2910. B) 2245. C) 1710. D) 1590. E) 1510.
An increase in labor productivity would cause a rightward shift of the labor supply curve.
Answer the following statement true (T) or false (F)