Another name for a shortage is

The Federal Constitution, like the laws under English rule, permitted the U.S. government to

(a) impose taxes to pay for government services and national defense. (b) regulate commerce with other countries. (c) create money and regulate its value. (d) do all of the above.

Suppose a monopolist and a perfectly competitive firm both have the same cost curves. The monopolist would

a. charge a lower price than the perfectly competitive firm b. charge a higher price than the perfectly competitive firm c. charge the same price as the perfectly competitive firm d. refuse to operate in the short run unless an economic profit could be made, unlike the perfectly competitive firm e. refuse to operate in the short run if an economic loss was present, unlike the perfectly competitive firm