________ is the difference between the willingness to pay and the price paid for a good
A) Producer surplus
B) Consumer surplus
C) Seller's profit
D) Revenue
B
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If all firms in a perfectly competitive industry are experiencing economic losses, then:
A. some firms will exit the industry, until accounting profits equal zero. B. some firms will exit the industry, until economic profits equal zero. C. some firms will exit the industry, until economic profits are positive. D. all existing firms will stay in the industry, hoping for better times.
Refer to Figure 13-1. Ceteris paribus, an increase in firms' expectations of the future profitability of investment spending would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Assume that both the demand curve and the supply curve for MP3 players shift to the right but the supply curve shifts more than the demand curve. As a result
A) the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease. B) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will decrease. C) the equilibrium price of MP3 players will decrease; the equilibrium quantity will increase. D) both the equilibrium price and quantity of MP3 players will decrease.
Threats to in internal validity lead to
A) perfect multicollinearity B) the inability to transfer data sets into your statistical package C) failures of one or more of the least squares assumptions D) a false generalization to the population of interest