The dollar price of a good relative to the average dollar price of all other goods is the good's:
A. real price.
B. equilibrium price.
C. market price.
D. nominal price.
Answer: A
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Based on the data in the table above, what does GDP equal?
A) $8,900 billion B) $10,200 billion C) $9,800 billion D) $10,400 billion E) $10,000 billion
According to the graph shown, if the market is in equilibrium, producer surplus is area:
A. A.
B. A + B + C.
C. A + B + C + D + E.
D. D + E.
A profit-maximizing monopolist charges a price of $12 . The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units and marginal cost is $6 . Average total cost for 10 units of output is $5 . What is the monopolist's profit?
a. $60 b. $70 c. $100 d. $120
A state of rational ignorance
A) is a reflection of too little education. B) makes sense only if information is a free good. C) exists only in ideal representative democracies. D) makes sense when the costs of becoming informed are greater than the benefits. E) none of the above