Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units. What is the value of producer surplus?
A) $600 thousand B) $300 thousand C) $150 thousand D) $30 thousand
C
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The main tool that the Federal Reserve uses to conduct monetary policy is
A) discount policy. B) open market operations. C) acting as the lender of last resort. D) check clearing. E) setting reserve requirements.
The old classical macroeconomic was based on an assumption of price and wage ________, and thus an economy that ________
A) flexibility, promptly self-corrected B) flexibility, failed to self-correct promptly C) stickiness, promptly self-corrected D) stickiness, failed to self-correct promptly
Americans fell behind Europeans on the technology front
Indicate whether the statement is true or false
The monopolistic competition market structure is characterized by:
a. few firms and similar products. b. many firms and differentiated products. c. many firms and a homogeneous product. d. few firms and a homogeneous product.