The per-unit burden of the tax on buyers is
A. $10
B. $14
C. $6
D. $8
D. $8
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Modern bankers
a. expand the money supply by printing currency when they need it. b. decrease the supply of money when they extend additional loans. c. hold only a fraction of their assets in the form of reserves against their deposits. d. can increase their profits by increasing their holdings of excess reserves.
As the baby boomers begin moving into the retirement phase of life during the years following 2010, spending on Social Security and Medicare will
What will be an ideal response?
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
In contrast to a perfectly competitive firm, a monopolist operates in the long run
A. at a price higher than marginal cost. B. with a profit equal to zero. C. at an efficient level of output. D. at the minimum point on its average total cost curve.