Consumer surplus is the value of a good minus the cost of producing it, summed over the quantity bought
Indicate whether the statement is true or false
FALSE
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Voluntary export restraints are illegal under international trading rules
Indicate whether the statement is true or false
If the cross elasticity of demand for good x with respect to the price of good y is positive, then goods x and y are
A) normal goods. B) inferior goods. C) complements. D) substitutes.
The simple deposit multiplier is the ratio of the amount of
A) new reserves created by the banks to the amount of loans. B) loans issued by the banks to deposits created by the banks. C) new reserves created by the banks to the amount of deposits. D) deposits created by the banks to the amount of new reserves.
To display information on two variables, an economist must use
a. a bar graph. b. a pie chart. c. the coordinate system. d. a time-series graph.