Refer to the graph shown. In equilibrium, total surplus is equal to:
A. 1,200.
B. 1,400.
C. 600.
D. 2,000.
Answer: D
You might also like to view...
Suppose a country's net exports equal -$21.3 billion. Which of the following will happen if the volume of exports increases by $1 billion, imports remaining unchanged?
A) The country's net exports will be equal to -$20.3 billion. B) The country's net exports will become positive. C) The country's net exports will be equal to -$22.3 billion. D) The country's net exports will be zero.
If a worker responds to an increase in the opportunity cost of leisure by taking more leisure, then her labor supply curve is
a. upward sloping. b. backward sloping. c. horizontal. d. vertical.
Which of the following are elements for markets that resemble perfect competition?
a. flat demand curves; easy exit; easy entry b. steep demand curves; difficult exit; easy entry c. flat supply curves; easy exit; difficult entry d. steep supply curves; difficult exit; difficult entry
Consumption is most likely to respond one-for-one with changes in current income when
A) the change in current income results from a one-time bonus. B) people believe the change in their current income is temporary. C) people are able to borrow as much as they wish, as long as they pay it back. D) the change in current income is caused by the business cycle. E) none of the above