We see evidence of shortages when we see scarce goods beginning to be acquired by

Even though a perfect price discriminator can extract all of the consumer surplus, how can it be efficient?

What will be an ideal response?

What do RBC economists mean by the term calibration?

A) Modifying the structure of an economic theory to strengthen its logic B) Changing a theory as the economy changes C) Working out a detailed numerical example of a more general theory D) Writing out the implications of a theory for all the main economic variables