The area of economic profit shown in the above figure for the single-price monopolist is

If a country is a price taker for a good in the world market, ________

A) its consumption and production decisions of the good play a key role in determining world prices B) its consumption and production decisions of the good do not affect world prices C) its demand for the good remains the same irrespective of changes in world prices D) it is the only exporter of the good in the world market

In the figure above, the economy is at an equilibrium with real GDP of $16 trillion and a price level of 110. At this point there is

A) an inflationary ga