Economic inefficiency exists when
A. MR = MC.
B. P > MC.
C. P = MR.
D. P = MC.
Answer: B
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Which of the following will shift the supply curve for USB flash drives to the right?
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Draw individual demands for caviar for Al, Barbara, Chuck, and Denise where Al's demand is relatively inelastic, Barbara's is elastic, Chuck's is upward sloping, and Denise refuses to eat caviar at any price. Then draw the corresponding market demand
A model that is composed of many equations that show the channels through which monetary and fiscal policy affect aggregate output and spending is called a
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The 1993 recipient of the Nobel Prize in Economics, Douglass North is best known for his contributions in which area of economics?
What will be an ideal response?