Refer to the figure above. What is the market-wide consumer surplus when the market price of wine is $9?

If in the short run prices did not respond at all to changes in aggregate demand, the short-run aggregate supply curve would

A) be vertical. B) be horizontal. C) slope up. D) slope down.

In a fractional reserve banking system:

A. bank panics cannot occur. B. the monetary system must be backed by gold. C. banks can create money through the lending process. D. the Federal Reserve has no control over the amount of money in circulation.