Which area in the above figure shows the consumer surplus at the price and quantity that would be set by a single-price monopoly?
A) A + B
B) A + B + C + D + E
C) C + D
D) C + D + E + F + G + H
A
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More than 80 percent of American firms are incorporated.
Answer the following statement true (T) or false (F)
Refer to the accompanying figure. At point D, the opportunity cost of making milk is:
A. high because productive resources that are better-suited to making movies are being used to make milk. B. low because the economy is specializing in making milk. C. high because productive resources that are better-suited to making movies are not being used to make milk. D. high because the economy is not operating efficiently.
The figure below shows the supply and demand curves for oranges in Smallville.
What is the marginal cost of producing the tenth pound of oranges?
A. $4 B. $2 C. $5 D. $3
Which of the following would be considered a member of the labor force?
A. a computer programmer looking for work B. an engineer who has been laid off a year ago and since then has not looked for work C. an inmate in a state prison making license plates D. a person in a mental institution