Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing the portion of consumer surplus transferred to producers as a result of the price floor?
A) A + B B) B C) A D) B + C
B
Economics
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The daily turnover in the foreign exchange market is:
A) millions of dollars. B) billions of dollars. C) trillions of dollars. D) declining in the last decade.
Economics
If on a given product indifference curve a firm is using an insufficient (nonoptimal) amount of one of its inputs
a. output will be below optimal. b. the MRP of the input will be below its price. c. costs will not be minimal. d. relative input prices need to change.
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Which value is higher? a) $1,000 today or b) $10,000 in 20 years if the interest rate is 12%.
What will be an ideal response?
Economics
Explain elasticity of demand and two factors that affects it.
Economics