When the demand for a product is less elastic than the supply, consumers pay the majority of the tax on the product

One explanation given in the video for the fluctuations of an economy's real growth rate around its potential growth rate is:

A. that there are often shocks to the planned level of spending. B. that there are often shocks to the money supply. C. that the potential growth is inaccurately calculated. D. that there are often shocks to the key growth factors

Consider a monopolistically competitive firm in a market in long-run equilibrium. This firm is likely earning

a. a positive economic profit since it is charging a price above marginal cost. b. no economic profit since it is charging a price equal to its marginal cost. c. a positive economic profit since it is charging a price above its average total cost. d. no economic profit since it is charging a price equal to it average total cost.