When the price of tomatoes is $4, farmers supply 100,000 bushels. When price is $6, farmers supply 100,000 bushels. From this, we conclude that the
a. equilibrium price of tomatoes is $5
b. market-day supply curve is vertical at a quantity of 100,000
c. farmers are producing too many tomatoes
d. supply curve for tomatoes is upward sloping
e. market demand for tomatoes must be 100,000
B
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The measure of the price level of all goods and services produced in an economy is called _____
a. the GDP inflator b. the GDP deflator c. nominal GDP d. real GDP
Which of the following is a valid difference between deflation and disinflation? a. Deflation is a fall in average price levels, but disinflation is a reduced rate of inflation
b. Disinflation is a fall in average price levels, but deflation is a reduced rate of inflation. c. Disinflation is a significant rise in average price levels, but deflation is a reduced rate of inflation. d. Disinflation is a fall in average price levels, but deflation is a significant rise in average price levels.