Graphically, consumer surplus is the area:
a. above the equilibrium price and below the demand curve.
b. below the equilibrium price and above the supply curve.
c. above the equilibrium price and below the supply curve.
d. below the equilibrium price and above the demand curve.
e. above the equilibrium price and above the supply curve.
a
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Refer to Table 11.1. At the equilibrium level of output, y*, what is the level of imports?
A) 266.25 B) 356.25 C) 1065.00 D) 1425.00
The emerging market economies are
A) the nations with the highest standards of living. B) most of the nations of Western Europe. C) in transition from state-owned production to free markets. D) the largest grouping including the nations of China and India. E) the nations that are currently agricultural in nature.
The supply curve for a competitive firm is
A) its entire MC curve. B) the upward-sloping portion of its MC curve. C) its MC curve above the minimum point of the AVC curve. D) its MC curve above the minimum point of the ATC curve. E) its MR curve.
If an economy is operating at a point inside the production possibilities curve,
What will be an ideal response?