aWanda sold her mother’s dining set to Mattie for $250. Later, Mattie told LaWanda that she would have paid her $300. What is the term for the fifty-dollar difference between what Mattie paid and what she was willing to pay?
a. market equilibrium
b. consumer surplus
c. producer surplus
d. market subsidy
b. consumer surplus
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In the above figure, ________ will shift in the demand curve from D to D1
A) an increase in income if pizza is an inferior good B) a decrease in the price of a sub sandwich, a substitute for pizza C) buyers' expectation that pizza will be less expensive next week D) a scientific article published that demonstrates eating pizza is good for one's health E) a fall in the cost of producing pizza
The marginal product of labor is always ________ and it ________ as the labor stock increases
A) positive; increases B) positive; decreases C) negative; increases D) negative; decreases
If an active approach is followed in closing an expansionary gap, _____
a. the aggregate demand curve would shift rightward b. the aggregate demand curve would shift leftward c. the short-run aggregate supply curve would shift rightward d. the short-run aggregate supply curve would shift leftward e. there would be a movement up and to the left along the short-run supply curve
Government policies that help increase the skills of the workforce or that subsidize employment more directly would
a. decrease employment and increase output b. increase employment and decrease output c. increase employment and increase output d. increase unemployment and decrease output e. increase unemployment and increase output