In the above figure, what is the amount of consumer surplus at the efficient quantity?
A) $0
B) $1,000
C) $2,000
D) $4,000
C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The market value of a particular bond at any given point in time is called the bond's:
A. principal B. coupon rate. C. term. D. price
If net exports is negative, it must be the case that ________.
A. more goods are being exported than imported B. the value of goods, services, and resources exported is less than the value imported C. more goods are being imported than exported D. the value of goods, services, and resources imported is less than the value exported
A perfectly competitive firm will earn a positive economic profit so long as price is greater than average total cost at the profit-maximizing level of output
Indicate whether the statement is true or false