If the market in the figure above is perfectly competitive, consumer surplus is the area ________
A) ABH
B) BFGH
C) ACG
D) BCD
E) ACE
C
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Exploitation due to a single buyer in the input market is known as
A) monopoly exploitation. B) monopsonistic exploitation. C) Marxian exploitation. D) the result of closed shops.
When two variables have a negative correlation,
a. when the x-variable decreases, the y-variable decreases. b. when the x-variable decreases, the y-variable increases. c. when the x-variable increases, the y-variable increases. d. More than one of the above is correct.
An increase in income in other countries, other things equal, would cause U.S. _____
Fill in the blank(s) with the appropriate word(s).
An increase in household income for a good that is considered normal would
A. cause a movement along the demand curve to a (higher price, lower quantity) point. B. move its demand curve to the right. C. move its demand curve to the left. D. cause a movement along the demand curve to a (lower price, higher quantity) point.