Which area represents the loss to the petroleum refineries as a result of the restoration of efficiency?
Use the following graph of the refined petroleum market to answer the questions below.
The loss to petroleum refiners as a result of the restoration of efficiency is represented by Area C.
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Using the ISLM model, explain and show graphically the effect of a fiscal expansion when the demand for money is completely insensitive to changes in the interest rate. What is this effect called?
What will be an ideal response?
In the market for loanable funds, the interaction of the demand for, and supply of, loanable funds determines the equilibrium level of
a. the inflation rate. b. gross domestic product. c. the real interest rate. d. the nominal interest rate.
The nondiscriminating pure monopolist's demand curve:
A. is the industry demand curve. B. shows a direct or positive relationship between price and quantity demanded. C. tends to be inelastic at high prices and elastic at low prices. D. is identical to its marginal revenue curve.
The main advantage of using M2 instead of M1 as the measure for money is that
A. M2 is sometimes more stable. B. M2 can be measured more accurately. C. M2 includes only instantly accessible assets. D. M2 varies as the interest rate varies.