Producer surplus is the difference between the most a person is willing to pay and market price.
Answer the following statement true (T) or false (F)
False
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To earn an economic profit in the short-run, a monopolist sets marginal revenue equal to zero
a. True b. False Indicate whether the statement is true or false
In the long run, countries with higher rates of money growth usually have:
A. smaller budget deficits. B. faster growth rates of real output. C. lower rates of inflation. D. higher rates of inflation.
According to marginal analysis, you should choose to do something if the extra benefit:
A. is positive. B. outweighs the extra cost. C. exceeds the benefits of the previous time spent on the activity. D. will change the outcome.
The demand schedule is a description of the behavior of ________ in a market.
A. sellers B. goods or services C. buyers D. labor