Which of the following statements is always true?
a. An increase in price will lead to an increase in producer surplus along a supply curve.
b. An increase in price will lead to an increase in consumer surplus along a demand curve.
c. A price ceiling will lead to an increase in consumer surplus
d. A price floor will lead to an increase in consumer surplus.
a
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If one day a terrible disease were to wipe out over one-half of the world's lime trees, which of the following would likely result?
A) The supply curve of lime juice would shift downward and to the right. B) The supply curve of lime juice would shift upward and to the left. C) The demand curve for lime juice would shift to the right. D) The demand curve for lime juice would shift to the left.
Which of the following explains the shape of the short-run aggregate supply curve?
a. The inverse relationship between the quantity supplied and the cost per b. The direct relationship between the quantity supplied and the cost per unit c. The direct relationship between the quantity supplied and the price level d. The inverse relationship between quantity supplied and GDP e. The inverse relationship between quantity supplied and the profit per unit
A monopolist who charges a different price for each unit of the commodity sold is called:
a. a perfectly competitive monopolist. b. a natural monopolist. c. a perfectly discriminating monopolist. d. an elastic monopolist.
The main area of economic activity that Canada chose not to open to free trade is
A) agriculture. B) lumber. C) cultural industries. D) financial services.