Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

Pick the scarce good below with the completely inelastic demand curve

A) Clean air B) Clean water C) Tropical rain forests D) Well-maintained national-forest fisheries E) Trick question: none of the above goods have a completely inelastic demand curve.

If a monopolist's price is $50 at the output where marginal revenue equals marginal cost and average total cost is $43, then the incremental profit from the last unit sold is $7

Indicate whether the statement is true or false