The size of changes in output and price level, and how the change in equilibrium relates to potential GDP, depends on whether the shift in the _____ curve is happening in the relatively flat or relatively steep portion of the _____ curve.

"In a long-run equilibrium, price is equal to average total cost." This statement applies to

a. competitive markets, but not to monopolistically competitive markets or monopolies. b. competitive and monopolistically competitive markets, but not to monopolies. c. competitive markets, monopolistically competitive markets, and monopolies. d. None of the above is correct.

If the minimum that the Smith family would be willing to sell their house for is $185,000, but they in fact sell it for $210,000, they will receive:

A. producer surplus in the amount of $25,000. B. producer surplus in the amount of $210,000. C. consumer surplus in the amount of $25,000. D. consumer surplus in the amount of $210,000.