Based on the graphic for perfect competition versus monopoly, the producer surplus for perfect competition is ______.
a. area a
b. area b
c. area c
d. zero
d. zero
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What challenges does the European Union face in the short, medium, and long run?
What will be an ideal response?
How would a new excise tax affect the supply curve?
(A) It would probably cause the supply curve to shift to the left. (B) It would probably cause the supply curve to shift to the right. (C) The effect cannot be determined without knowing the amount of the tax. (D) It would not change the supply curve, because it would only move price.
In the modern U.S. economy, most transactions are made with
A. cash. B. gold and silver. C. credit cards. D. checking deposits.
A "trade deficit" occurs when:
A. we sell more to other countries than we buy from them. B. we buy more from other countries than we sell to them. C. we sell more to one country than another. D. we sell less to one country than another.