Refer to Figure 9.3. If the market is in equilibrium, the consumer surplus earned by the buyer of the 100th unit is
A) $0.50.
B) $0.75.
C) $1.50.
D) $2.00.
E) $2.75.
B
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Where does the short-run Phillips curve intersect the long-run Phillips curve?
A) at the point where actual inflation is equal to expected inflation B) at the point where the rate of inflation and the unemployment rate are equal C) at the natural rate of inflation D) There is no intersection between the short-run and long-run Phillips curves.
Refer to Table 19-15. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2015 equals
A) 94.1. B) 105.1. C) 106.2. D) 108.5.
The law of diminishing marginal returns says that as additional units of a variable input are added to
a. fixed amounts of other inputs, total output will eventually remain constant b. varying amounts of other inputs, total output will eventually decline c. fixed amounts of other inputs, the resulting increases in total output will eventually become smaller d. varying amount of other inputs, the resulting increases in total output will eventually become smaller e. a declining amount of output, technology will eventually deteriorate
The demand curve for a monopoly is:
a. the MC curve above the AVC curve. b. the MR curve above the horizontal axis. c. also the industry demand curve. d. identical to the MR curve.