When the market price is set above the equilibrium price:
A. the market is not efficient.
B. total surplus is not maximized.
C. consumer surplus is decreased.
D. All of these are true.
D. All of these are true.
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Long-run market supply curves are downward sloping if
A) firms are identical. B) the number of firms is restricted in the long run. C) input prices fall as the industry expands. D) All of the above.
People learn to hold a specific quantity of money for the groceries, theater tickets, gasoline, clothes, film, and other items they habitually purchase. This behavior is representative of the:
a. precautionary demand. b. speculative demand. c. transactions demand. d. volatility demand. e. liquidity demand.
Which of the following monthly data series is closely observed by the Business Cycle Dating Committee of the NBER?
a. Real personal income less transfer payments b. Wholesale prices of goods c. Real GDP d. Total unemployment e. Real interest rates
A progressive tax is one for which the percentage of each added dollar of income paid in taxes
a. increases as income increases. b. remains the same as income increases. c. decreases as income increases. d. is zero after a certain maximum income is reached.