The vertical axis of the aggregate demand-aggregate supply model measures the amount of
a. total employment.
b. total final output.
c. the price level.
d. net exports.
c
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A monopolist faces an average total cost of $6 when it produces 200 units of its product. If it sells the 200 units at $8 per unit, ________
A) the monopolist incurs a loss of $200 B) the monopolist incurs a loss of $400 C) the monopolist makes a profit of $200 D) the monopolist makes a profit of $400
The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as: a. market surplus
b. market shortage. c. consumer surplus. d. producer surplus.
How did families manage to keep up their standard of living in the 1970s and 1980s in the face of falling real wages?
A. They went on welfare and food stamps. B. They tightened their belts. C. They sent their stay-at-home mom to work. D. They went into debt.
The term market mechanism refers to
A. The use of market prices and sales to determine resource allocation. B. Supply curves but not demand curves. C. The establishment of a ceiling price in a market. D. Government laws and regulations concerning how the market should operate.