Use the above figure. If a commission regulates the above monopoly using marginal cost pricing, then the industry's output will be ________ and the product's price will be ________

Assume that Kelly's various possible activities are mutually exclusive. The opportunity cost from choosing one activity equals the

a. summed value of all her alternative activities b. summed value of all her alternative activities minus the value of the chosen activity c. value of the next most valuable alternative activity d. value of the next most valuable alternative activity minus the value of the chosen activity e. summed value of all her alternative activities minus the value of the next most valuable alternative activity

Simon Kuznets's research in his National Income and Its Composition showed that

a. Keynes's absolute income hypothesis is empirically correct b. budget deficits crowd out consumption spending c. a nation's MPC tends to remain fairly constant regardless of the absolute level of national income d. as national income increases, consumption spending increases, but by diminishing amounts e. consumption and income cannot be linked in any meaningful fashion