In the above figure, if the market produces the efficient amount of purses, then consumer surplus equals triangle
A) abc.
B) bcd.
C) adc.
D) cgf.
A
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Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing the portion of consumer surplus transferred to producers as a result of the price floor?
A) A + B B) B C) A D) B + C
A compensation package offered by employers often includes
A. wages. B. health benefits. C. vacations. D. pensions. E. all of these answer options are correct.
Economists argue that which allocation scheme leads to the most efficiency?
A) market based. B) government based. C) random. D) first-come, first-serve.
Climate change is a geographical phenomenon; it refers to changes in the distribution of climatic events, such as temperature or the likelihood of tornadoes. Why is it important for economists to study climate change?
What will be an ideal response?