The effect of an increase in aggregate supply is a(n):
a. increase in the general level of prices and a decrease in real output.
b. increase in the general level of prices and an increase in real output.
c. decrease in the general level of prices and a decrease in real output.
d. decrease in the general level of prices and an increase in real output.
d
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A market with a single seller is called
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
High price and low total utility indicate
a. low marginal utility. b. large quantities are sold. c. high marginal utility. d. a high price/marginal utility ratio.
Shelly purchases a leather purse for $400. One can infer that:
A. her reservation price was exactly $400. B. she paid too much. C. her reservation price was less than $400. D. her reservation price was at least $400.
Use the following graph for a competitive market to answer the question below: 
A price ceiling of $10 per unit will result in a
A. surplus of 200 units. B. shortage of 200 units. C. surplus of 250 units. D. shortage of 250 units.