Refer to the provided graph of a competitive market. If the output level is Q1, then the sum of the consumer and producer surplus is
A. bce.
B. 0eQ1.
C. 0abe.
D. ac0.
Answer: C. 0abe.
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Refer to Figure 9-2. The increase in domestic producer surplus as a result of the tariff is equal to the area
A) C + D + G + H + I. B) C + G. C) C. D) A + C + G.
Which of the following is true?
a. Families are getting bigger, across most populations b. The U.S. is growing older, median age is rising c. Minority groups are slowing down, getting smaller d. There are 59 federally recognized Indian tribes in the United States
Economists who are primarily responsible for advising Congress on economic matters work in which agency?
a. the Federal Reserve b. the Congressional Budget Office c. the Department of the Treasury d. the Department of Commerce
Which of the following is true?
A. At the same price, demand is more elastic on the steeper demand curve. B. On a linear demand curve, the higher the price, the less elastic is demand. C. On a linear demand curve, elasticity is not constant. D. None are true.