A movement along a supply curve is induced by a change in
A. input prices.
B. the product's own price.
C. taxes and subsidies.
D. price expectations.
Answer: B
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A monopoly creates a deadweight loss because the monopoly
A) sets a price that is too low. B) makes a normal profit. C) does not maximize profit. D) produces less than the efficient quantity. E) produces more than the efficient quantity.
Which of the following is not included in M1?
a. currency b. demand deposits c. traveler's checks d. credit cards
An industry's long-run supply curve shows
A) the relationship in the long run between market price and quantity supplied. B) how the government determines the price of the product. C) how average productivity is changing. D) greater than normal profit.
The CPI in period 1 is 200 and the CPI in period 2 is 150. The rate of inflation between period 1 and period 2 is
A. 75%. B. -25%. C. -50%. D. -75%.