Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A
B. Falling; A; C
C. Falling; B: C
D. Rising; A; C
Answer: B
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A single-price monopoly will set its price according to which of the following rules?
A) P = MR and MR = MC B) P = MC where the MC curve crosses the demand curve C) P = MR where the MR curve crosses the demand curve D) None of the above answers is correct.
The diminished employment prospects for the graduates of 2002 is most likely due to the existence of a(n)
a. inflationary gap. b. significant increase in real GDP. c. shift of the aggregate demand curve outward. d. recessionary gap.
A monopolist will choose to increase output when
a. market price increases. b. at all levels of output, marginal cost increases. c. at the present level of output, marginal revenue exceeds marginal cost. d. the demand curve shifts to the left.
The answer is: "The difference between the price buyers pay for a good and the maximum or highest price they would have paid for the good." This is the definition for
A) taxes. B) producers' surplus. C) consumers' surplus. D) the sum of producers' and consumers' surpluses. E) the welfare triangle.