Compared to perfect competition, a monopoly will produce ________ output, and charge a ________ price

Full-employment equilibrium occurs when

A) real GDP exceeds potential GDP. B) real GDP equals potential GDP. C) potential GDP exceeds real GDP. D) None of the above answers are correct.

Refer to Figure 4-18. How much of the tax is paid by buyers?

A) $8 B) $5 C) $4 D) $3