Refer to the figure above. What is the loss in the market-wide consumer surplus when the price of wine changes from $9 to $18?
A) $144,000
B) $30,000
C) $57,000
D) $0
C
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In the new Keynesian models,
a. imperfect competition comes is the result of optimizing behavior by individuals. b. perfect competition is assumed with respect to the product market c. a natural monopoly is presumed for the product market. d. both a and c. d. None of the above
What word do economists use to refer to the purchase of goods that will be used in the future to produce more goods and services?
a. capital b. consumption c. investment d. costs
All of the following are components of the Federal Reserve system except the:
A. Federal Deposit Insurance Corporation. B. 12 regional Federal Reserve banks. C. Federal Open Market Committee. D. Board of Governors.
In a perfectly competitive industry, price is set by ___________ and ___________.
Fill in the blank(s) with the appropriate word(s).