Equilibrium price is
A. $5.
B. $4.
C. $3.
D. $2.
C. $3.
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The saying "There's no such thing as a free lunch," applies
A) when there is some unemployment. B) on the production possibilities frontier. C) at all points inside the PPF. D) to unattainable combinations of goods and services. E) when more of one good can be produced without decreasing production of another.
If the exchange rate is 0.8 euro per dollar, one dollar is equal to 1.25 euros
Indicate whether the statement is true or false
The above figure shows the U.S. market for chocolate. With no international trade, consumer surplus is equal to ________ and producer surplus is equal to ________
A) area A + area B + area C + area D; area E B) area B + area C + area D; area A + area E C) area A; area E D) area C + area D; area B + area E E) area E; area A + area B + area C + area D
Critics argue that a disadvantage of minimum-wage laws is that they do not effectively target the working poor because many minimum-wage workers are the teenage children of middle-income families
a. True b. False Indicate whether the statement is true or false