Refer to the graph shown. If the government imposed a price ceiling of $4, consumer surplus would:
A. fall from 12 to 4.
B. rise from 12 to 13.
C. be unchanged at 12.
D. fall from 12 to 8.
Answer: B
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Refer to Figure 18.3. The opportunity cost of producing scooters in Livonia is
A) 2/3 of a pogo stick. B) 6/5 of a pogo stick. C) 1.5 pogo sticks. D) 1.25 pogo sticks.
What is a normal profit? Is it part of the firm's opportunity costs, total revenue, or neither?
What will be an ideal response?
If an individual prefers X to Y and prefers Y to Z then the consumer must also prefer X to Z. This property is called:
A. transitivity. B. completeness. C. the ranking principle. D. the choice principle.
A nation has a population of 300 million people. Of these, 80 million are retired, in the military, in institutions, or under 16 years old. There are 210 million who are employed and 10 million who are unemployed. What is the unemployment rate?
a. 3.6 percent b. 3.3 percent c. 4.5 percent d. 5.2 percent