A monopolist's price is "less than fair value" when it sells in export markets at prices ________ prices in its domestic markets or at prices _________ its average costs of production.

The above figure shows the labor market in an undeveloped nation. A minimum wage has an effect on the market for low-skilled labor if it is set at

A) $2.00. B) $3.00. C) $4.00. D) all of the above

Assume a simple macroeconomic model. When inventories rise unexpectedly,

A. income is above its equilibrium value. B. income will rise until it reaches its equilibrium value. C. total spending is higher than total output. D. total output is less than spending.