Refer to the graph below, which shows the demand and supply of tickets for a Broadway play. At what price is there a shortage of tickets?
a. at $75
b. at $125
c. at $145
d. at all three prices
a. at $75
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If the quantity of money grows at 3 percent per year, velocity does not grow, and real GDP grows at 2 percent per year, then the inflation rate equals
A) -1 percent. B) 1 percent. C) 6 percent. D) 5 percent. E) 12 percent.
A rational person maximizes
A) risk. B) return. C) expected utility. D) return variance.
The marginal product is defined as:
a. The ratio of total output to the amount of the variable input used in producing the output b. The incremental change in total output that can be produced by the use of one more unit of the variable input in the production process c. The percentage change in output resulting from a given percentage change in the amount d. The amount of fixed cost involved. e. None of the above
An increase in demand will lead to a decrease in supply in the long run.
Answer the following statement true (T) or false (F)