The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is called the

According to the misperceptions theory, after an unanticipated increase in the money supply has occurred, the SRAS curve must shift ________ to restore general equilibrium; as it does so, the price level ________

A) downward; rises B) downward; falls C) upward; rises D) upward; falls

An economic activity in which benefits or costs affect third parties is called

A) a public good. B) a third-party good. C) the exclusion principle. D) an externality.