In the above figure, assume the economy is in equilibrium at point d. Then the Fed decreases the money supply so that the new aggregate demand curve is AD1. In the long run, the new price level will be
A) 100.
B) 120.
C) 130.
D) 110.
A
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Refer to the figure below. What is the price elasticity of supply at point A? 
A. 2 B. 4 C. 1/2 D. 1
Which of the following could not prevent a market from becoming perfectly competitive?
(A) High start-up costs. (B) Problems accessing necessary technology. (C) Lack of technological know-how. (D) Excessive information.
Barb's Soccer Ball Company produces 800 soccer balls per week. If the firm used marginal cost pricing to determine soccer ball output, it would produce 600 soccer balls. Consumers do not receive the most desirable quantity of soccer balls from Bib's because
A. Economic losses are occurring. B. The firm must be earning higher than normal economic profits. C. The cost of producing the additional 200 soccer balls is less than the amount that consumers are willing to pay for the additional soccer balls. D. The cost of producing the additional 200 soccer balls is greater than the amount that consumers are willing to pay for the additional soccer balls.
Which of the following statements regarding accounting and economic profits is FALSE?
A) Economic profits can be zero even if accounting profits are positive. B) Economic profits = total revenue - (explicit + implicit costs) C) Accounting profits can be negative if economic profits are positive. D) Accounting profits = total revenue - explicit costs