If regulators were to force a natural monopoly to set the price of its product equal to its marginal cost of production (in order to encourage economically efficient use of the product), the natural monopoly will

In the short-run, a rise in the money wage rate leads to

A) an increase in the price level and an increase in real GDP. B) an increase in the price level and a decrease in real GDP. C) an increase in the price level, but no change in real GDP. D) no change in the price level, but an increase in real GDP.

If something is used as a measure of value, then a necessary condition is that it must

a. serve as a yardstick for measuring the value of other goods b. be a precious metal, such as gold or paper money c. be convertible into gold d. be used in barter exchange e. be accepted as payment for any purchase