GDP can be used to measure both short-term changes (i.e., over several months) and long-term changes in economic activity

Refer to Figure 15-3. Suppose the monopolist represented in the diagram above produces positive output. What is the profit-maximizing/loss-minimizing output level?

A) 630 units B) 800 units C) 850 units D) 880 units

A simultaneous decrease in both the demand for MP3 players and the supply of MP3 players would imply that

a. both the value of MP3 players to consumers and the cost of producing MP3 players has increased. b. both the value of MP3 players to consumers and the cost of producing MP3 players has decreased. c. the value of MP3 players to consumers has decreased, and the cost of producing MP3 players has increased. d. the value of MP3 players to consumers has increased, and the cost of producing MP3 players has decreased.