Examine Figure 37.1. What is the number of students educated in a market that has no subsidy? 
Figure 37.1
A. S*
B. S'
C. All who have any desire for it
D. The answer is unknown from this diagram.
Answer: A
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In the classical model, real Gross Domestic Product (GDP) per year is
A) determined by supply and demand conditions together. B) supply determined. C) demand determined. D) due to supply conditions plus the extent of government intervention in the economy.
Which of the following could produce the result indicated by the arrow in the Actual & Potential GDP graph? Check all that apply.
a. An increase in Consumer Spending
b. A decrease in Government Spending
c. An Increase in Taxes
d. A decrease in the money supply
e. An increase in Investment Spending
f. A decrease in Consumer Spending
Why is the demand for labor downward sloping in the short run?
What will be an ideal response?
ABC Company is currently producing 450 units of output. The output is sold in a perfectly competitive market at a price of $35 . The marginal cost of the 450th unit is $38
Is ABC Company producing at the profit-maximizing level of output? Explain.