The amount of a commodity that buyers in the market would like to purchase at a particular price is
a. equilibrium
b. quantity supplied
c. quantity produced
d. infinite
e. quantity demanded
E
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When the Fed sells $100 worth of bonds to a primary dealer, reserves in the banking system
A) increase by $100. B) increase by more than $100. C) decrease by $100. D) decrease by more than $100.
You have just read that the Federal Reserve has increased the money supply to avoid a recession. For a given price level, you would expect the LM curve to
A) shift up and to the left as the real money supply falls. B) shift up and to the left as the real money supply rises. C) shift down and to the right as the real money supply falls. D) shift down and to the right as the real money supply rises.
List three primary ways in which profits above “normal” levels can be earned.
What will be an ideal response?
The figure below shows a situation where the producers of Good X are forming an international cartel. Here, MR = Marginal Revenue, and MC = Marginal Cost. The cartel will set a monopoly price for its output.
If the world market for Good X were perfectly competitive, the price per unit would be ________ and the producer surplus would be
A. $600; $22.5 billion. B. $500; $10.0 billion. C. $1,000; $50.0 billion. D. $600; $90.0 billion.