Which of the following lists correctly ranks countries from most equal to least equal distribution of income?
a. Nigeria, India, Mexico, Germany
b. Brazil, United States, India, Japan
c. United States, Ethiopia, Japan, South Africa
d. Japan, India, United States, Brazil
d
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An increase in the demand for corn is more than offset by an increase in its supply. As a result, the equilibrium price will ________ and the equilibrium quantity will ________.
A. decrease, increase B. increase, increase C. decrease, decrease D. increase, decrease
Refer to the scenario above. What is the opportunity cost of printing one notebook?
A) 0.5 magazines B) 1 magazine C) 2 magazines D) 30 magazines
Refer to the scenario above. If both the firms are optimizing, which of the following statements is true?
A) Firm B will produce more than Firm A. B) Firm A will produce more than Firm B. C) Both firms will produce the same quantity. D) The quantity produced by both firms will depend on the demand for pens and not the marginal costs.
Consumer's surplus
a. is the gap between total willingness to pay and the total market value of a good. b. guarantees that the market value of a good in money is equal to the total economic value of the good. c. is always negative because of diminishing marginal utility. d. is the total area under a consumer's demand curve.