What is the average cost per unit for producing 3 units?

Real business cycle theorists

a. accept the notion that the economy's movement through time is basically unstable and cyclical b. believe that the economy is influenced by real events, such as wars and population growth and not by psychological events, such as changes in consumer confidenceand that these real events trigger cycles c. argue that the economy, except for brief periods of instability, is highly static and this is because markets are noncompetitive d. argue that the economy cannot achieve full employment, even in the short run e. believe that the economy is dynamic and competitive and not subject to cycles

Which of the following is NOT a predictable result of a price ceiling set below the market clearing price?

A) an illegal market in the good B) excess quantity supplied C) excess quantity demanded D) lines to purchase the product