Sugarcane can be used to produce both granulated sugar and ethanol. Recent regulations in certain countries now permit a higher amount of ethanol to be added to gasoline. An economist would expect sugarcane prices to ____, and quantity sold to ____.

If both real GDP and nominal GDP of a country increased at the same rate in a particular year, which of the following is most likely to have taken place?

a. Output increased and the price level increased b. Output increased and the price level decreased c. Output decreased and the price level increased d. Output decreased and the price level decreased e. Output increased and the price level remained constant

Interdependence is the key characteristic of

A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.