What is the unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed?

When firms in a price-taker market are temporarily able to charge prices that exceed their production costs,

a. the firms will earn long-run economic profit. b. additional firms will be attracted into the market until price falls to the level of per-unit production cost. c. the firms will earn short-run economic profits that will be offset by long-run economic losses. d. the existing firms must be colluding or rigging the market, otherwise, they would be unable to charge such high prices.

Suppose the money supply tripled, but at the same time velocity doubled and real GDP was unchanged. According to the quantity equation the price level

a. is 1.5 times its old value. b. is 3 times its old value. c. is 6 times its old value. d. is the same as its old value.