Using the above figure, the origin is at which point?
A) point a
B) point b
C) point c
D) None of the points in the figure is the origin.
B
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If a tax on 5 cents a tomato lowers the price received by tomato sellers by 5 cents a tomato , then the supply of tomatoes is perfectly ___ and the seller pays ____
A) inelastic; all B) elastic; all C) inelastic; some of D) inelastic; none of E) elastic; none of
If firms in a monopolistically competitive industry are making economic profits: a. firms will likely be subject to regulation. b. barriers to entry will be strengthened
c. new firms will enter the market. d. some firms must exit the market.
The table shows the aggregate demand and aggregate supply schedule for a hypothetical economy.Real Domestic Output Demanded (in Billions)Price Level (Index Value)Real Domestic Output Supplied (in Billions)$3,000350$9,0004,0003008,0005,0002507,0006,0002006,0007,0001505,0008,0001004,000Refer to the above table. The equilibrium price level and quantity of real domestic output will be:
A. 200 and $6000. B. 300 and $8000. C. 250 and $7000. D. 200 and $5000.
The unemployment rate is computed by dividing the _____ by the _____.
Fill in the blank(s) with the appropriate word(s).