If demand increases and the price doesn't change, there will be
A. neither a shortage nor a surplus.
B. both a shortage and a surplus.
C. a surplus.
D. a shortage.
Answer: D
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How is a contestable market similar to a perfectly competitive one?
What will be an ideal response?
The outputs of an oligopolistic industry
A. can be homogeneous or differentiated. B. must be at high levels so that price exceeds average total cost. C. have no substitutes on the market. D. always have excise taxes imposed on them.
Laws requiring the sorting and recycling of trash are an example of
A. Higher user fees. B. Emission charges. C. Process regulation. D. Pollution fines.
Nominal GDP differs from real GDP because:
A. Nominal GDP is based on constant prices B. Real GDP is based on current prices C. Real GDP results from adjusting for changes in the price level D. Nominal GDP results from adjusting for changes in the price level