The diagram above depicts the market demand for, and market price of, buckets of raw oysters in Orlando
a) What is the consumer surplus of the person who buys the 100th bucket of oysters? b) What is the consumer surplus of the person who buys the 200th bucket of oysters? c) What is the consumer surplus of the person who buys the 300th bucket of oysters? d) What is the consumer surplus in the market?
a) The consumer surplus of the person who buys the 100th bucket of oysters is $6.
b) The consumer surplus of the person who buys the 200th bucket of oysters is $3.
c) The consumer surplus of the person who buys the 300th bucket of oysters is $0.
d) The consumer surplus in the market is $1,350.
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A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
The above figure shows supply and demand curves for milk. If the government passes a $2 per gallon specific tax, the loss in producer surplus will equal
A) b + c + f + g. B) f + g. C) b + f. D) c + g.
Samuelson and Solow argued that when unemployment is high, there is
a. upward pressure on wages and prices. b. upward pressure on wages and downward pressure on prices. c. upward pressure on prices and downward pressure on wages. d. downward pressure on wages and prices.
Refer to the accompanying figure.
Based on the figure, the income-expenditure multiplier in the economy illustrated equals:
A. 1,000 B. 0.75 C. 4,000 D. 4