Refer to the table. The multiplier is:
A. 5.
B. 4.
C. 3.
D. 2.
C. 3.
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Which of the following is TRUE of trends in the number of new U.S. patents?
A) There was a steady increase in new patents throughout the 1970s. B) The number of new patents granted each year has remained unchanged since the early 1970s. C) The number of new patents granted each year declined by more than 50 percent after 2001. D) There was a surge in new patents in the latter part of the 1990s.
Refer to Figure 4-3. If the market price is $2.50, what is the consumer surplus on the second ice cream cone?
A) $0.50 B) $1.50 C) $3.00 D) $10.50
According to most economists, reducing automobile emissions to zero would be:
a. optimal. b. inefficient. c. beneficial. d. impossible.
Market consumer surplus at any price
a. is the area above the market supply curve and below the market demand curve b. is the area below the market supply curve and above the market demand curve c. is the area under the demand curve and above the market price d. is that price multiplied by the number of units demanded e. is the number of units demanded multiplied by the cost of producing them.