Refer to the figure above. What is the consumer surplus when the market is perfectly competitive?
A) $30
B) $60
C) $90
D) $180
D
You might also like to view...
A $1.5 trillion increase in investment leads equilibrium expenditure to increase from $7.0 trillion to $10.5 trillion. In this case, the expenditure multiplier is
A) 7.00. B) 4.67. C) 2.33. D) 1.50. E) 10.5.
According to your text, what is the major long-run issue facing the European Union?
What will be an ideal response?
In economic analysis, people's resources are
A) limited and their wants are unlimited. B) unlimited and their wants are also unlimited. C) limited and their wants are also limited. D) unlimited and their wants are limited.
An essential characteristic of a perfectly competitive market is that buyers and sellers have:
A. no competition and so must set the market price on their own. B. so much competition that they must work together perfectly to set a market price. C. so much competition that they have no ability set their own price. D. no control over the price they set because it is determined by government.