If an economy is producing a level of output which is higher than the equilibrium level, planned expenditures ________ total output and ________ goods and services are being produced than are being demanded

Cartels rarely succeed for long because they find it difficult to

A) avoid losing the advantages from economics of scale. B) keep marginal costs high and marginal revenue low. C) keep members from offering discounts and new firms from entering. D) keep members from reducing output below the optimal level. E) prevent average cost from falling below marginal cost.

A contractionary fiscal policy is likely to

A) reduce a government budget deficit and reduce borrowing by the Treasury. B) increase a government budget deficit and increase borrowing by the Treasury. C) reduce a government budget deficit and increase borrowing by the Treasury. D) increase a government budget deficit and reduce borrowing by the Treasury.