Figure 3-15
Refer to . Which area represents the increase in producer surplus when the price rises from P1 to P2 due to new producers entering the market?
a.
BCE
b.
ACF
c.
DEF
d.
AFEB
c
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Which of the following is true?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, lower prices on both the products c. After acquiring a complementary product, raise prices on both the products d. All of the above
If the private sector anticipates higher future taxes as a result of a current budget deficit, current autonomous saving will decline
a. True b. False Indicate whether the statement is true or false
In the equation Y = C + I + G + NX,
a. Y represents the economy's total expenditure. b. C represents household expenditures on services and durable goods. c. all of the variables are always positive numbers. d. All of the above are correct.
B. how to distribute resources equally among all members of society. C. that people's means often exceed their wants. D. that people do not know how to rationally allocate resources
A. virtually unlimited resources to satisfy virtually unlimited wants. B. limited resources to satisfy virtually unlimited wants. C. unlimited resources to satisfy limited wants. D. limited resources to satisfy limited wants.