If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 12,000 per year, there is a ________ in the market and the price will ________

Milton Friedman argued that as long as

A) the unemployment rate is higher than the inflation rate, the economy is not in long-run equilibrium. B) Real GDP grows, the inflation rate will fall. C) the expected inflation rate is not equal to the actual inflation rate, the economy is not in long-run equilibrium. D) nominal wages rise, so do real wages. E) none of the above

Suppose that over one range of? prices, the absolute value of the price elasticity of demand varies from 15.0 to? 2.5, and over another range of? prices, the absolute value of the price elasticity of demand varies from 1.5 to 0.75. What can you say about total revenue and the total revenue curve over these two ranges of the demand curve as price? falls?

A. In the first case total revenue falls and in the second case total revenue falls. B. In the first case total revenue rises and in the second case total revenue rises. C. In the first case total revenue falls and in the second case total revenue falls and then rises. D. In the first case total revenue rises and in the second case total revenue rises and then falls. E. There is insufficient information to determine the effect on total revenue.