Total surplus:
A. can never be zero.
B. can never fall below zero.
C. is always above zero.
D. is less than the consumer surplus.
D. is less than the consumer surplus.
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A change in the price of a good has no effect on the supply schedule.
Answer the following statement true (T) or false (F)
The results of a survey conducted by Dan Ariely and Michael Norton found that Americans
A) have a preference for much greater equality in wealth distribution than currently exists. B) have a preference for much less equality in wealth distribution than currently exists. C) have a preference for roughly the amount equality in wealth distribution that currently exists. D) show absolutely no preference for the amount of equality in wealth distribution in the nation.
In the United States each year, approximately
a. 50% of all businesses fail. b. 25% of all businesses fail. c. 10% of all businesses fail. d. 5% of all businesses fail.
A monopolist increases output from 4 to 5 units. His total revenue increases from $2,750 to $3,600 . Which of the following inferences is true? a. The marginal revenue from the 4th unit is $850
b. The marginal revenue from the 5th unit is $850. c. The total cost of producing the 5th unit is $850. d. The profit earned from producing the 5th unit is $850.