The decrease in the price of gasoline to a national average of less than $3.20 during the summer of 2012 was most likely a result of
A) an increase in demand due to reduced summer driving.
B) an increase in supply resulting from higher refinery output.
C) an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output.
D) an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving.
B
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If the market in the figure above is a profit-maximizing single-price monopoly, consumer surplus is the area ________
A) ABH B) BFGH C) ACG D) BCD E) ACE
How do adherents of traditional business cycle theories differ from real business cycle theorists? List the difference between their views on the role of government
Interest income is
a. the largest component of national income b. interest received by individuals for providing capital to the resource market c. the most stable component of national income d. capital e. part of the expenditure approach to GDP accounting
If stockholders allow the company to reinvest its profit, then
a. they will be personally liable for additional debts b. the company's stock price will rise c. the company's assets will decline d. these dividends will be distributed to the stockholders e. these profits can only be used to purchase equipment