This curve shows there is a(n) ______ relationship between the quantity of real GDP supplied and the overall price level.
a. neutral
b. positive
c. inverse
d. complementary
b. positive
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In the table above, the marginal product of the 5th worker is ________ units per week
A) 2 B) 5 C) 10 D) 19
Consider the production of some industrial good that creates air pollution. The table below gives the marginal social cost (MSC), the marginal cost (MC), and the marginal social benefit (MSB) for each level of output (Q)
Q MSC MC MSB 1 3 2 11 2 6 4 10 3 9 6 9 4 12 8 8 5 15 10 7 6 18 12 6 The inefficient market quantity is ________ and the efficient market quantity is ________. A) 4; 3 B) 6; 3 C) 3; 4 D) 4; 6
Refer to Figure 6-3. Using the midpoint formula, calculate the absolute value of the price elasticity of demand between e and f
A) 0.32 B) 0.4 C) 2.5 D) 3.125
When managers of firms in a competitive market observe falling profits, they may infer that the market is experiencing
a. a violation of conventional market forces. b. over-investment. c. the entry of new firms. d. too few firms in the market.