If the price of good X becomes lower, then the level of consumer surplus becomes
A. unchanged.
B. lower in the short-run but higher in the long run.
C. lower.
D. higher.
Answer: D
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Refer to Figure 11-1. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) A to B to C. B) C to B to A. C) B to C to D. D) D to C to B.
In a perfectly competitive market, if all firms face identical, constant marginal marginal cost curves, then consumer surplus is
A) the area beneath the market demand curve and above the market clearing price. B) the area above the market demand curve and above the market clearing price. C) the total area beneath the market demand curve. D) definitely zero.
Considering the information in the table shown, if Jack consumes 2 popsicles and 2 ice cream cones:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. Jack still has $4 left to spend.
B. Jack still has $6 left to spend.
C. Jack still has $8 left to spend.
D. Jack still has $2 left to spend
A nation has a population of 300 million people. Of these, 100 million are retired, in the military, in institutions, or under 16 years old. There are 190 million who are employed and 10 million who are unemployed. What is the unemployment rate?
a. 1.9 percent b. 10 percent c. 2 percent d. 5 percent