Figure 10-1
In Figure 10-1, what is the equilibrium level of real GDP and equilibrium price?
a.
$6,000 billion real GDP and price level of 110
b.
$5,000 billion real GDP and price level of 120
c.
$5,000 billion real GDP and price level of 110
d.
$7,500 billion real GDP and price level of 100
a
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Mark Frost grows apples in a perfectly competitive market. If we drew a line in a graph that illustrates Mark's total revenue from selling apples, it would be
A) a straight, upward-sloping line. B) a horizontal line. C) a straight, downward-sloping line. D) a curve that is negatively sloped at low levels of output and positively sloped at higher levels of output.
The region of the country that is least hospitable to union organizing is the ___________.
Fill in the blank(s) with the appropriate word(s).