According to the concept of the "invisible hand," if Susie opens and operates a profitable childcare center, then
What will be an ideal response?
she has served society's interests by providing a desired good or service.
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Jenn is willing to pay $75 for a purse and the purse's price is $60. What is Jenn's consumer surplus?
What will be an ideal response?
MFN status means that a trading partner is getting the best trade deal possible given current national trade policies
Indicate whether the statement is true or false
The consumer surplus is
A. the area under the demand curve from the origin to the quantity purchased. B. the area under the demand curve but above the price line from the origin to the quantity purchased. C. the area under the supply curve from the origin to the quantity produced. D. the area under the supply curve but below the price line from the origin to the quantity purchased.
The demand for labor is different from the demand for final goods and services because
A) the law of demand does not apply to the demand for labor. B) the demand for labor is derived from the demand for the good or service the labor is used to produce. C) it is a demand for people, not inanimate objects. D) the demand for labor is more inelastic than the demand for the goods and services produced with this labor.