Using supply and demand curve analysis, the triangular area above the equilibrium price and under the demand curve is:
a. consumer surplus.
b. producer surplus.
c. marginal cost.
d. deadweight loss.
a
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During this year, Barbara earned $60,000 as a financial analyst, paid taxes of $5,000 and consumed $53,000. If Barbara's wealth was $4,000 at the beginning of the year, at the end of the year Barbara's wealth was
A) $6,000. B) $60,000. C) $2,000. D) $4,000. E) $5,000.
The unregulated, single-price monopolist illustrated in the figure above makes an economic profit of
A) zero. B) $8.00 per day. C) $10.00 per day. D) $40.00 per day.
Which of the following is an example of a price ceiling?
A) the minimum wage B) agricultural price supports C) rent controls D) None of the above is correct.
Which of the following groups has experienced the greatest decrease in poverty rates since 1959?
a. the elderly b. children c. people 18 to 64 years old d. women e. none of the above (i.e., all of these groups have had higher poverty rates)