Refer to the figure above. If a price control is imposed at $8, what is the gain in consumer surplus?
A) $5
B) $10
C) $15
D) $20
B
Economics
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A system for studying strategic behavior in economics is called
a. decision science. b. political economy. c. game theory. d. solution concepts.
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It has been said that "economics is the science of common sense." Is economics synonymous with common sense?
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The demand for beer is more elastic than the demand for milk, so a tax on beer would have a smaller deadweight loss than an equivalent tax on milk, all else equal
a. True b. False Indicate whether the statement is true or false
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The market structure that lies between competition and monopoly.
A. increasing returns to scale. B. intra-industry trade. C. inter-industry trade. D. imperfect competition.
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