If the price of a good falls by 10% and the percentage decrease in the total amount consumers spend on the good is 10%, then the good is

Based on the table above,

a. What is the equilibrium price level and real GDP? b. If potential GDP is $11.0 trillion, what does that imply about the economy's level of employment? c. If potential GDP is $9.0 trillion, what does that imply about the economy's level of employment?

Which of the following is the most important pre-requisite to a well-functioning market economy?

A) Goods must be non-scarce. B) Everyone must have an adequate income. C) Participants must follow some clear, general rules. D) People must have roughly similar tastes and preferences. E) There must be approximate equality of incomes.