Which of the following is a category (degree) of inflation?
(a) Deflation.
(b) Externally induced inflation.
(c) Demand-Pull inflation.
(d) Stagflation.
Answer: (d) Stagflation
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In the figure above, the marginal rate of substitution (MRS) at point A is equal to ________ pounds of pickles per pound of olives
A) 8 B) 6 C) 1 1/3 D) 2
In long-run equilibrium, compared to a perfectly competitive market, a monopolistically competitive industry produces a ________ level of output and charges a ________ price
A) higher; lower B) lower; higher C) lower; lower D) higher; higher
The firms in a market have decided not to compete with one another and have agreed to limit output and raise price
A) This practice is known as concentrating and is legal in the United States and Canada. B) This practice is known as collusion and is illegal in the United States. C) In this way firms take advantage of economies of scale. D) This is an effective barrier to entry, but is illegal in the United States.
According to the graph shown, producer surplus is:
A. $10.
B. $6.
C. $2.
D. $20.