A university's football stadium is always sold out, and students who wait in line for hours may be turned away. This indicates
a. the ticket price is above the equilibrium price.
b. the ticket price is below the equilibrium price.
c. the ticket price is at the equilibrium price.
d. nothing about the equilibrium price.
b
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The excess capacity theorem implies that
a. consumers would be better off if some monopolistically competitive firms left their markets. b. consumers would be better off with more standardization of products. c. monopolistic competition benefits society by eliminating excess capacity in production. d. monopolistic competition wastes some of society's resources but the elimination of this waste does not necessarily benefit consumers.
If the Fed engages in an open market sale of U.S. government securities, what is the likely impact of this monetary policy move?
a. The supply of money and the interest rate will both increase. b. The supply of money will increase but the interest rate will decrease. c. The supply of money will decrease but the interest rate will increase. d. The supply of money and the interest rate will both decrease.
Unions
a. do not affect the natural rate of unemployment. b. lower the wages of unionized workers. c. raise the profits of unionized firms. d. lower the wages of workers in industries without unions.
Which statement is true?
A. More than any other region in the nation, the South prospered the most in the years following the Civil War. B. The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s, all bypassed the South. C. Before the Civil War most of the nation's large farms were located in the North. D. None of the choices are true.