Total surplus:
A. can never be zero.
B. can never fall below zero.
C. is always above zero.
D. is less than the consumer surplus.
B. can never fall below zero.
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A) Selling below cost B) Selling above cost C) Selling at cost D) Setting a price above marginal cost E) None of the above.
Which of the following is considered a microeconomic issue?
A. The unemployment rate in the US from 1980-2014. B. Apple releases a new version of the iPhone. C. France’s growth rate in the last year. D. All of these are examples of microeconomic issues.
Refer to the accompanying figure. At P = 8 and Q = 4, D1 is ________ elastic than D2, which is shown graphically as D1 being ________ D2.
A. less; flatter than B. more; steeper than C. less; steeper than D. more; flatter than
Which of the following is NOT a benefit of money when used as a medium of exchange?
A. allowing for some economic efficiencies B. providing economic growth C. allowing individuals to specialize D. allowing individuals to pay off debts