If a firm buys a specialized metal stamping machine that will last 4 years for $125,000 and cannot resell it, the sunk cost is

If the quantity of real GDP demanded is less than the quantity of real GDP supplied, then

A) the economy must be producing at potential GDP. B) the price level falls and firms decrease production. C) the price level falls and firms increase production. D) the price level rises to restore the macroeconomic equilibrium. E) aggregate demand changes to restore the equilibrium.

Price controls on gasoline

A. create a surplus of gasoline. B. increase consumer surplus. C. create a shortage of gasoline. D. increase producer surplus for all producers.