New classical economists
a. accept the monetarist notion that markets are perfectly competitive except for a lack of perfect information.
b. do accept the difference between the short-run and long-run results in the monetarist analysis of the effects of aggregate demand on output and employment.
c. accept the difference between the short-run and long- run results in the Keynesian analysis of the effects of aggregate demand on output and employment, but not in the monetarist analysis.
d. accept the difference between the short-run and long-run results in the monetarist analysis of the effects of aggregate demand on output and employment, but not in the Keynesian analysis.
e. Both a and b
E
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Refer to the figure below. If demand shifts from D1 to D2, and at the same time, supply shifts from S1 to S2, then according to the figure: 
A. the equilibrium quantity will increase and the equilibrium price will increase. B. the equilibrium quantity will decrease and the equilibrium price will decrease. C. the equilibrium quantity will decrease and the equilibrium price will increase. D. the equilibrium quantity will increase and the equilibrium price will decrease.
What is potential GDP and what is the relationship between actual and potential real GDP?
What will be an ideal response?
In the fishing industry, the long run is described as the time in which
a. the seasons have changed and it is now too cold to fish b. the fish is no longer fresh c. the scale of operation can be chosen d. the boat loses all of its value e. only the boat size can vary
The Federal Trade Commission is responsible for enforcing
A. interstate commerce. B. health care. C. antitrust law. D. communications law.