Based on the graphic for perfect competition versus monopoly, the change between the producer surplus of perfect competition and the producer surplus of a monopoly is ______.
a. a – b
b. a + b
c. b
d. –c
c. b
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Which is of the following statements is correct?
A. If demand decreases, then price will decrease. B. If price decreases, then demand will decrease. C. If demand increases, then price will decrease. D. If price increases, then demand will decrease.
Nominal GDP was $12.1 trillion and real GDP is $11 trillion. The GDP price index is ________
A) 90.1 B) 121.0 C) 1.10 D) 91.0 E) 110.0
The Social Security program is unique in that employees can _____ the amount shown on their W-2 form and find out _____
a. look at; their share of the cost of Social Security b. double; their annual contributions to their retirement c. look at; their annual contributions to their retirement d. double; their share of the cost of Social Security
Which of the following is NOT an expression for the cost minimizing combination of inputs?
A) MRTS = MPL /MPK B) MPL/w = MPK/r C) MRTS = w/r D) MPL/MPK = w/r E) none of the above