Refer to Figure 3-5. At a price of $20
A) there would be a surplus of 8 units. B) there would be a shortage of 4 units.
C) there would be a surplus of 0 units. D) there would be a shortage of 8 units.
A
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An increase in real GDP
A) increases the buying and selling of goods and decreases the demand for money as a medium of exchange. B) decreases the buying and selling of goods and decreases the demand for money as a medium of exchange. C) decreases the buying and selling of goods and increases the demand for money as a medium of exchange. D) increases the buying and selling of goods and increases the demand for money as a medium of exchange.
When there are positive externalities associated with the consumption of a good, we can expect the market:
A. demand curve to lie above the social demand curve. B. demand curve to lie below the social demand curve. C. supply curve to lie above the social supply curve. D. supply curve to lie below the social supply curve.