Economic growth is:
A. about the quality of life for all sectors of society.
B. an indicator of individual poverty.
C. the measure of changes in real GDP.
D. a measurement of available resources.
Answer: C
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As the ________ increases, ________
A) quantity demanded of a good; its price increases B) quantity demanded of a good; its price decreases C) price of a good; its quantity demanded increases D) price of a good; its quantity demanded decreases
At the current price of a good Al's consumer surplus equals 15 and Ben's consumer surplus equals 15. By using two-part pricing a monopolist could increase his profit by
A) 8. B) 16. C) 15. D) 30.
In the short run, a perfectly competitive firm can either make a profit or exit the market.
Answer the following statement true (T) or false (F)
Refer to the above figure. At a price of $2 per gallon, there is
A. a shortage of 40,000 gallons per week. B. a shortage of 80,000 gallons per week. C. a shortage of 60,000 gallons per week. D. a surplus of 20,000 gallons per week.