Refer to Figure 24-4. Given the economy is at point A in year 1, what is the inflation rate between year 1 and year 2?

Which of the following is false? a. If a choice is rational for an individual, people would all agree that it was wise

b. Rational choices can be wrong. c. When circumstances or expectations change, what is rational for an individual could change. d. None of the above are false; all are true.

When the market is in equilibrium, each of the firms will be producing:

Refer to the cost table above. Now suppose that there are 600 identical firms in this industry, each with the same cost data as the single firm discussed above. Suppose, too, that the demand curve for this industry is as follows:







A. 5 units

B. 6 units

C. 7 units

D. 9 units