Refer to the graph shown. In equilibrium, producer surplus is equal to:
A. 600.
B. 1,200.
C. 2,000.
D. 1,400.
Answer: A
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The largest component of GDP in the expenditure approach is
A) personal consumption expenditures. B) gross private domestic investment. C) government expenditure on goods and services. D) net exports.
For a bank to have lending power, its required reserves must:
a. be smaller than its legal reserves. b. exceed its legal reserves. c. be smaller than its excess reserves. d. exceed its excess reserves. e. exceed its vault cash.
The slope of the budget line
a. always equals 1. b. equals income divided by price. c. equals the ratio of the prices. d. decreases as we move from left to right.
The economic system in which the basic economic questions are answered through markets with some government intervention is a:
A. command economy. B. mixed economy. C. market economy. D. planned economy.