The price ceiling depicted in the above figure results in
A) consumer surplus increasing from $30 thousand to $34.5 thousand.
B) producer surplus decreasing from $24 thousand to $6 thousand.
C) a deadweight loss of $16 thousand.
D) Both answers A and B are correct.
D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
How can innovation foster creative destruction? What are the objections to that idea?
What will be an ideal response?
When equilibrium GDP is below potential GDP, jobs are
a. plentiful and unemployment is low. b. plentiful and unemployment is high. c. scarce and unemployment is high. d. scarce and unemployment is low.
Based on U.S. income data from 2011, the bottom fifth of all families received approximately what percent of all income?
a. 48.9 percent b. 21.3 percent c. 8.6 percent d. 3.8 percent