Suppose you read in the Irish daily the Dublin Telegraph that saving in Ireland in 2003 was precisely the intended investment Irish businesses had hoped to make. You would conclude that in 2003, the Irish economy was
a. not in equilibrium, and its national income fell
b. not in equilibrium, and its national income rose
c. in equilibrium, and its national income fell
d. in equilibrium, and its national income rose
e. in equilibrium, and no change occurred in its national income
E
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If the supply of solar panels increases,
A) the price and quantity of solar panels increases. B) the demand for solar panels increases. C) the quantity demanded of solar panels decreases. D) the price of solar panels decreases and the quantity increases. E) None of the above.
Refer to the cost and demand data below for a pure monopolist. Suppose that this monopoly is subjected to a regulatory commission. If the commission seeks to achieve the most efficient allocation of resources for this industry, it should set the socially optimal price at:
A. P1
B. P2
C. P3
D. 0