If the consumption function can be described as C = 200 + .80Y, the marginal propensity to save is equal to

Which of the following is true of long-run equilibrium price in a monopolistically competitive market?

A) It is equal to average total cost. B) It is less than average total cost. C) It is higher than average total cost. D) It is lower than marginal cost.

Suppose there is currently a surplus of wheat on the world market. The problem of excess supply may be removed from the market by:

A) lowering the market price. B) shifting the supply curve leftward. C) shifting the demand curve leftward. D) Both A and B are plausible actions.