Refer to Figure 9.7. Because of the policy, consumer surplus fell by
A) $10.
B) $20.
C) $12,500.
D) $25,000.
E) $45,000.
D
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A bear market is one in which prices are expected to rise.
Answer the following statement true (T) or false (F)
The actual rate of unemployment will be greater than the natural rate of unemployment when
a. the actual output is less than the economy's potential output. b. the actual output is greater than the economy's potential output. c. the actual output is equal to the economy's potential output. d. the inflation rate has been relatively constant for several years.
Diminishing marginal returns implies that firms:
A. require fewer and fewer workers to produce each additional unit of output. B. require more and more workers to produce each additional unit of output. C. get decreasing amounts of revenue for each unit of output they produce. D. get increasing amounts of revenue for each unit of output they produce.
Money's most narrow definition is based on its function as a
A) store of value. B) unit of account. C) standard of deferred payment. D) medium of exchange. E) standard of barter.