If M were 500 and V were 8, how much would PQ be?
What will be an ideal response?
4,000
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Ted got a ticket to this year’s Super Bowl and paid the face value of $1,000. His cousin offered him $3,000 for the ticket. Given this information, Ted’s opportunity cost of this ticket is
A. $1,000. B. $2,000. C. $3,000. D. $4,000.
If the growth of the quantity of money is 5 percent per year, potential and real GDP grow at 3 percent per year, and velocity does not change, in the long run what is the inflation rate?
What will be an ideal response?
A single-price monopolist determines
A) its output but not its price. B) its price but not its output. C) both its output and its price. D) neither its output nor its price.
If government were to regulate a monopolistically competitive market by setting a single price, a consequence would be:
A. more output supplied to the market. B. less product variety. C. lower prices in those markets. D. All of these statements are true.