In a perfectly competitive market the long-run demand and supply curves are Q = 12 - P and Q = 5P respectively. Producer surplus in this market equals
A) 0.
B) 5.
C) 10.
D) It cannot be determined without more information.
C
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Protectionism is the use of ________ to protect domestic firms from foreign competition
A) cheap labor B) trade barriers C) dumping D) military force
________ examines whether one variable affects another by using data to build a model that explains the channels through which this variable affects the other
A) Indirect-model evidence B) Organizational-model evidence C) Reduced-form evidence D) Structural-model evidence
How does the task of production planning happen in a laissez-faire economy?
Answer the following questions true (T) or false (F)
1. Agricultural economics is an applied social science. 2. The U.S. economy represents a mixture of capitalism and socialism. 3. The U.S. economy represents a purely capitalistic system.