The above figure shows the market for a particular good. If the market is controlled by a perfect-price-discriminating monopoly, compared to a perfectly competitive market, the change in consumer surplus is
A) A.
B) A + B + C.
C) A + B + C + D + E.
D) zero.
B
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Suppose that an economy is currently producing at a point that lies inside of its production possibilities set. Which of the following would best explain this circumstance?
A) The prevailing level of technology prevents the economy from producing at a point closer to the frontier of the production possibilities set. B) The economy does not have enough resources to produce at a point closer to the frontier of the production possibilities set. C) The economy is experiencing a high level of unemployment. D) Any of the above statements could explain this situation. E) None of the above statements could explain this situation.
Each year, the United States exports about 50 percent of its wheat crop
Indicate whether the statement is true or false
If every firm is a price taker, then which of the following characteristics does their industry have?
a. large number of sellers b. many versions of the product c. limited resource mobility d. few consumers e. market power
Export supply curves are __________________; import demand curves are ___________________
A. horizontal; vertical B. vertical; horizontal C. downsloping; upsloping D. upsloping; downsloping