Refer to Figure 9.7. Before the policy was implemented, producer surplus was
A) $30.
B) $60.
C) $45,000.
D) $90,000.
E) $180,000.
C
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According to the new growth theory, competition
A) reduces profit. B) increases profit. C) has no impact on real profit, only nominal profit. D) is only theoretical because all firms are growing at some rate.
If an increase in the price of Good A causes a decrease in demand for Good B, Goods A and B are said to be complements
a. True b. False Indicate whether the statement is true or false
Refer to Figure 4-2. Suppose Phil and Miss Kay are the only consumers in the market. If the price is $12, then the market quantity demanded is
A. 4 units. B. 0 units. C. 2 units. D. 6 units.
The difference between the willingness to pay for a good and the price that is paid to get it is
a.welfare economics. b.willingness to sell. c.producer surplus. d. consumer surplus.