In the above figure, if the market produces the efficient amount of purses then producer surplus equals
A) triangle bcd.
B) triangle adc.
C) rectangle bcde.
D) trapezoid adec.
A
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Social cooperation by means of voluntary contracts and exchanges
A) cannot occur in a socialist economic system. B) cannot occur where government sets rules that restrict behavior. C) is easier to achieve when the laws of the society are clear and unchanging. D) is harder to achieve when the members of the society own very little material property in common.
Econometricians are economists who specialize in
a. descriptive or nontheoretical analysis b. economic behavioral characteristics of children's consumption c. the study of microeconomics d. the historical view of past economic problems e. quantitative economic research methods
Economists believe that one of the reasons explaining the extended prosperity phase of 1992-2000 was
a. the efficiency of President Clinton's Council of Economic Advisers b. the rise in productivity caused by the diffusion and maturation of computer technology throughout the economy c. the high degree of government spending during President Clinton administration d. the decrease in the deficits during President Clinton administration e. the decrease of aggregate demand and increase in aggregate supply
Compared with a competitive market with the same cost and market demand circumstances, a monopolist has
A. More pressure to reduce costs and more reason to improve quality. B. Less pressure to reduce costs and more reason to improve quality. C. Less pressure to reduce costs and less reason to improve quality. D. More pressure to reduce costs and less reason to improve quality.