According to the graph shown, at a price of $15, there is a:
A. shortage of 10.
B. shortage of 20.
C. shortage of 30.
D. surplus of 20.
D. surplus of 20.
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As a typical firm increases its output, its marginal cost
A) is constant. B) decreases at first and then increases. C) increases at first and then decreases. D) decreases. E) is negative at first and then positive.
When prices rise, the purchasing power of money
A) rises. B) falls. C) is unaffected. D) may rise, fall, or be unaffected depending upon circumstances.
Which of the following is not associated with the monopoly market structure?
a. Many sellers. b. A single seller. c. A unique product. d. Impossible entry into the market.
Using the aggregate demand and aggregate supply model, an increase in what curve is by itself consistent with the changes in prices and output that occurred during World War II?