Lauren and Katy each bought a new bike lock for $20. Both Lauren and Katy would have paid $25 for the lock. The total consumer surplus for Lauren and Katy taken together equaled

The no-trade equilibrium in a monopolistic market occurs where:

a. marginal revenue = price. b. marginal cost = marginal revenue. c. market demand = market supply. d. marginal cost = average revenue.

Which of the following types of unemployment is likely to exist in an economy that is at its potential output level?

a. Cyclical unemployment only b. Structural unemployment only c. Frictional, cyclical, and seasonal unemployment only d. Frictional, seasonal, and structural unemployment only e. Seasonal unemployment only