The accompanying figure shows the demand curve for a product that can be sold only in whole-number amounts.
At a price of $15 per unit, what would be the total consumer surplus in this market each day?
A. $75
B. $0
C. $6
D. $15
Answer: A
You might also like to view...
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
A collusion breaks down if ________
A) a firm charges a price higher than the price set by the other colluding firms B) a firm charges a price lower than the price set by the other colluding firms C) the price set by the colluding firms equals the marginal cost of production D) the price set by the colluding firms exceeds the marginal cost of production
According to economists, entrepreneurship is a factor of production
Indicate whether the statement is true or false
External shocks can cause economic forecasts to become invalid.
Answer the following statement true (T) or false (F)