Refer to Figure 12-4. If the market price is $30, the firm's profit-maximizing output level is

An external cost is created when you

A) buy a sandwich for lunch. B) litter on the side of the road. C) graduate from college. D) buy flowers for your mother on Mother's Day.

In a classic paper, Columbia University economist Phillip Cagan drew the line between inflation and hyperinflation at an inflation rate of

A) 50 percent per month. B) 10 percent per month. C) 20 percent per month. D) 5 percent per month. E) 25 percent per month.