When aggregate expenditures are equal to aggregate production, the economy is experiencing
A. an inflationary GDP gap.
B. a budget deficit.
C. a trade deficit.
D. macroeconomic equilibrium.
D. macroeconomic equilibrium.
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The market for airplane service on a particular route is a commonly cited example of
a. resale price maintenance. b. monopolistic competition. c. the benefits of vertical integration. d. a contestable market.
The short-run market supply curve for a perfectly competitive market is obtained by summing the part of each firm's
A) AVC curve that lies above its MC curve. B) MC curve that lies above its AVC curve. C) AVC curve that lies below the MC curve. D) MC curve that lies below the AVC curve.
Which of the following is an example of discrimination in the labor market?
a. Women earn less than men because women are more likely to be employed in occupations that pay less, such as elementary school teachers rather than electrical engineers. b. Women earn less than men because women have, on average, fewer years of experience in the labor force because women, on average, periodically leave the labor force to raise children. c. A pharmaceutical sales company pays women less than men because the company's customers, physicians and pharmacists, say that they prefer to deal with men rather than women. d. All of the above are examples of discrimination.
Refer to the above diagram. If AD1 shifts to AD2, then the equilibrium output and price level will be:
A. P1Q3. B. P1Q2. C. P2Q3. D. P2Q2.