Macroeconomics would be concerned with
A) implications of changes in unemployment and inflation.
B) the effects on individual consumers of changes in the price of gasoline for a business.
C) the effects of a tax on beer.
D) the effects of wage increases on steel manufacturers.
Answer: A
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A monopolistic competitor shuts down production in the short run if ________
A) marginal revenue equals marginal cost B) marginal cost equals average cost C) total revenues do not cover variable costs D) total revenues do not cover fixed costs
At the competitive market outcome in the above figure, the
A) producer surplus is equal to $480 million. B) total producer surplus from turkey sales is zero. C) sum of consumer and producer surpluses from turkey is $640 million. D) All of the above answers are correct.