The introduction of a tax in a perfectly competitive marketplace that is originally in equilibrium will lower total surplus.

In the aggregate demand-aggregate supply model in the short run, an increase in the money supply will lead to a(n): a. increase in both the price level and real GDP

b. decrease in both the price level and real GDP. c. increase in real GDP and a decrease in the price level. d. decrease in real GDP and an increase in the price level. e. increase in the price level only.

Charging different prices to different customers for the same good or service is known as

a. monopoly b. price setting c. competition d. price discrimination e. rent seeking