Refer to Figure 13-3. Which of the points in the above graph are possible short-run equilibria?

A country imported goods and services worth $10 billion and exported goods and services worth $11.1 billion during a particular year. This implies that the country experienced a ________ during that year

A) trade surplus B) budget surplus C) budget deficit D) trade deficit

Which of the following is true?

i. Marginal cost is measured by the maximum price that consumers are willing to pay for another unit of a good or service. ii. Producer surplus equals marginal benefit minus price, summed over the quantity produced. iii. A supply curve is a marginal cost curve. A) only iii B) only i C) only ii D) i and ii E) i and iii