Assume that at the current market price of $4 per unit of a good, you are willing and able to buy 20 units. Last year at a price of $4 per unit, you would have purchased 30 units. What is most likely to have happened over the last year?

In GDP, the largest dollar amount is

a) consumer spending b) rental payment c) net exports of goods and services d) gross private domestic investment e) government purchase of goods and services

Jerome, the florist, sold 500 bridesmaid's bouquets in June. He estimates his costs that month were ATC = $10, AVC = $6, and MC = $9 . If he sold each bouquet at the constant market price of $9, Jerome

a. made an economic profit of $500 b. made a loss of $500 c. made an economic profit of $1,500 d. made a loss of $1,500 e. should have shut down in June