In a figure, the consumer surplus is equal to the area ________ the ________ curve and ________ the price
A) above; demand; above
B) below; supply; below
C) below; demand; below
D) below; demand; above
E) above; supply; below
D
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Consumption spending includes spending on:
A. durables, nondurables, and services. B. goods and services by federal, state, and local governments. C. capital goods, residential housing, and changes in inventories. D. stocks, bonds, and other financial instruments.
The demand for shoes is ________ than is the demand for sneakers because ________.
A. more price elastic; the scope of the market for shoes is more broadly defined B. less price elastic; the scope of the market for shoes is less broadly defined C. more price elastic; the scope of the market for shoes is less broadly defined D. less price elastic; the scope of the market for shoes is more broadly defined
The time required to collect information about the current state of the economy is known as
A. the effect lag. B. the recognition lag. C. the action lag. D. the fiscal lag.
If a perfectly competitive firm is currently producing where P = MC and MC = ATC, then the firm will earn ________ profits.
A. above normal B. negative C. positive D. zero