In the above figure, the market is at its equilibrium. Area A is equal to
A) consumer surplus.
B) total revenue.
C) marginal benefit.
D) producer surplus.
E) total surplus.
A
You might also like to view...
Since 1950, the average length of a recession in the United States has been
A) such that recessions barely exist. B) less than a year. C) between 1 and 2 years. D) greater than 2 years.
When actual real GDP is equal to the natural real GDP, the unemployment rate is
A) zero. B) at its "natural" rate. C) accelerating. D) decelerating.
Activities designed to convert resources into goods and services is known as
A. consumption. B. production. C. scarcity. D. supply.
Adherents of the traditional monetary rule advocate that the:
A. functional finance approach to fiscal policy be adopted. B. money supply should be increased by a constant rate year after year. C. money supply should be reduced during inflation and increased during recession. D. money supply should be increased during inflation and reduced during recession.