Producer surplus is always the total area below the price and above the supply curve
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
In the ________, two duopolists compete by simultaneously selecting price
A) Cournot model B) Nash model C) Bertrand model D) kinked-demand model E) none of the above
An increase in the base consumption of a consumer results in a(n):
a. upward shift of the consumption function b. downward shift of the consumption function. c. upward rotation of the consumption function. d. downward rotation of the consumption function.
What term is used to describe situations where countries specialize in and trade different varieties of the same type of product?
a. comparative advantage b. the Heckscher-Ohlin model c. intra-industry trade d. increasing returns to scale
The costs of regulation
A. are paid entirely by the regulated industries. B. are relatively small. C. are more than covered by the benefits gained from the regulation. D. include increased taxes and increased prices of the products being regulated.