Suppose that a competitive firm's marginal cost of producing output q is given by MC = 5 + 2q. Assume that the market price of the firm's product is $27. What level of output will the firm produce?

The combination of rising inflation and higher unemployment is called:

A) recession. B) expansion. C) stagflation. D) deflation.

In economics, the concept of active government intervention in the macroeconomy was first emphasized by

A. supply-side economists. B. rational expectation theorists. C. monetarists. D. John Maynard Keynes.