To show how a variable ________, we typically use a ________
A) relates to another variable; time-series graph
B) relates to another variable; pie chart
C) changes over time; time-series graph
D) changes over time; cross section graph
E) changes over time; cross time chart
C
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When a rent ceiling is ________, consumer surplus and producer surplus shrink, a deadweight loss ________, and resources are lost in search activity and evading the rent ceiling law
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
Suppose a monopolistically competitive firm's output where marginal revenue equals marginal cost is 66 units and the price corresponding to this quantity is $18. If the average total cost at this output is $16.55, then its total profit is
A) $1,188. B) $1,092.30. C) $95.70. D) $1.45.