If a perfectly competitive industry suddenly became a monopolist, equilibrium output would _________, and the equilibrium price would _________.

Suppose potential GDP is $100 billion and the natural unemployment rate is 5 percent. If the unemployment rate is 6 percent, then according to Okun's Law real GDP is

A) $102 billion. B) $98 billion. C) $101 billion. D) $99 billion. E) $100 billion.

Which of the following occurs when there was a shortage of supply in a centrally planned economy?

a. Central planners reduced the amount supplied to each sector b. Shoppers waited in long lines at retail stores c. Store shelves were empty d. Shop operators expected "tips" or bribes for supplying scarce consumer goods e. All of the answers are correct