The benefit to buyers of participating in a market is measured by
a. consumer surplus.
b. producer surplus.
c. total surplus.
d. deadweight loss.
a
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A technological innovation that reduces a firm's marginal cost will lead to:
A. a decrease in the firm's supply. B. an increase in the quantity supplied by the firm, but no change in the firm's supply. C. an increase in the firm's supply. D. a decrease in the quantity supplied by the firm, but no change in the firm's supply.
If the price is above the equilibrium price, then there is a
A) surplus, and market forces will operate to lower price. B) surplus, and market forces will operate to raise price. C) shortage, and market forces will operate to lower price. D) shortage, and market forces will operate to raise price.
Rising velocity means that people want to hold ________ nominal money per dollar of nominal GDP, which ________ the inflationary tendency of an increase in the money supply as one way of re-equating the demand and supply of money
A) more, strengthens B) more, weakens C) less, strengthens D) less, weakens
Which of the following terms is not associated with a market having a firm whose behavior has been judged to be characteristic of the dominant firm model?
a. godfather b. price leadership c. kinked demand curve d. profit maximization e. oligopoly