The sum of consumers' surplus and producers' surplus is maximized at equilibrium
Indicate whether the statement is true or false
True
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What was the crucial factor permitting cotton textile production to take off in New England between 1790 and 1815?
(a) The imposition of high tariff rates (b) A lowering of import tariffs by Britain (c) The blocking of trade with England through the Embargo and the War of 1812 (d) A relaxation of regulations restricting exports of machinery by Britain
If the government imposes a price ceiling below the market equilibrium price, then:
a. c and d. b. there will be excess supply. c. there will be excess demand. d. the intent is to benefit consumers. e. the intent is to benefit producers.
A movement up the Phillips curve will cause
A. A decrease in both unemployment and inflation. B. A trade-off between unemployment and inflation. C. An outcome known as stagflation. D. An increase in both unemployment and inflation.
Explain how a market helps determine which goods and services will be produced, how to produce them, and who gets them
What will be an ideal response?