In the horizontal segment of the aggregate supply curve, when GDP:
A. increases, the price level rises.
B. decreases, the price level falls.
C. increases, the price level does not change.
D. increases, the price level falls.
Answer: C
Economics
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When people cannot be excluded from consuming a good, even if they have not paid for the good, competitive markets would
A) produce more of the good than society needs. B) allocate more resources than the efficient amount to the production of the good. C) produce the good so that people could enjoy a "free ride." D) produce less than the efficient quantity. E) eliminate the deadweight loss.
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Space on a popular, public beach is ________ in consumption
A) non-excludable and non-rival B) excludable but non-rival C) excludable and rival D) non-excludable but rival
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