The above figure shows the U.S. market for wheat. Without international trade, producer surplus is equal to ________
A) area B + area C + area E + area F
B) area A
C) area B + area C +area D + area E + area F
D) area E + area F
E) area A + area B + area C + area D
D
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If Christina goes surfing for two hours instead of earning $20 per hour for those two hours, her opportunity cost is
A. the good time spent surfing. B. $40. C. the travel time to the beach. D. the minimum wage that some other people would earn.
Once a firm has determined the quantity of output it wishes to sell, the maximum price it can charge for each unit is determined by:
A. the demand curve facing the firm. B. the average cost of making the product. C. the marginal cost of making the product. D. the firm's marginal revenue curve.
In the Keynesian model of income determination, consumer expenditure includes spending by
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