Consumer surplus is difference between the ________ a consumer would pay for a given quantity of a good and what the consumer ________ pays
a. least; actually
b. least; wants
c. most; actually
d. most; wants
c
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When two companies that produce the same product merge, it is called a
A) conglomerate merger. B) diagonal merger. C) horizontal merger. D) vertical merger.
A perfectly competitive producer faces a demand curve for its own product that is
A) downward sloping. B) upward sloping. C) horizontal. D) vertical.
How is monopolistic competition different from a monopoly?
a. Monopolistic competition has difficult entry; a monopoly has easy entry. b. A monopoly has strong control over a product; monopolistic competition has little control over a product. c. Monopolistic competition has similar (but not identical) brands; a monopoly has one brand. d. A monopoly has zero long-run economic profits; monopolistic competition has high long-run economic profits.
An increase in the supply of dollars and an increase in the demand for Japanese yen
A. increases the value of the yen. B. does not change the exchange rate between dollars and yen. C. increases the value of the dollar. D. increases the yen price of dollars.