On a consumer surplus graph, consumer surplus is represented by ______.
a. the area above the market demand curve and below the market price
b. a sharp downward slope of the demand curve
c. the area below the market demand curve and above the market price
d. the point where the supply and demand curves intersect
c. the area below the market demand curve and above the market price
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Social regulation is focused on all of the following EXCEPT
A) the impact of production on the environment and society. B) better working conditions, and safer and better products. C) a better quality of life through a less polluted environment. D) ensuring costs are minimized and benefits are maximized.
Which of the following contributes to income inequality?
a. unequal abilities b. unequal ownership of property c. discrimination d. All of these.
The U.S. spent 3 percent of GDP building and maintaining the public infrastructure between 1950 and 1970 . Since 1980, that share has: a. decreased slightly to 2 percent
b. decreased all the way to zero. c. stayed constant at 3 percent. d. increased slightly to 4 percent. e. increased significantly to 8 percent.
The price of an airline ticket from Denver to Chicago costs $300. A bus ticket costs $150. Traveling by plane takes 2 hours compared with 32 hours by bus. Other things constant, an individual would gain by choosing air travel if, and only if, his time were valued at more than Select one:
a. $2 per hour. b. $4.69 per hour. c. $5 per hour. d. $150 per hour.