Producer surplus is the cost of production minus the amount a seller is paid
a. True
b. False
Indicate whether the statement is true or false
False
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Which is essential to economic growth, whether in Latin America, sub-Saharan Africa, Asia, Europe, or North America?
A) Limits on the use of non-renewable resources B) International aid C) The rule of law D) An effective system of trade tariffs and quotas E) The evolution of a single world currency
Considering the information in the table shown, if Jack decides to consume bundle D, we can conclude that Jack:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. still has money left to spend.
B. is not maximizing his utility.
C. could consume more of both goods.
D. All of these are true.
Wealthy countries increasingly feel that trade:
A. is sometimes acting as a barrier to poorer countries' development. B. is an effective political tool to use against poorer countries. C. can sometimes be a more powerful lever than aid to help poorer countries develop. D. can help poorer countries development, but hurt their overall growth.
A monopolistically competitive firm differs from a perfectly competitive firm in that a monopolistically competitive firm: a. faces a downward-sloping demand curve for its product
b. faces a horizontal demand curve at the market-clearing price. c. is able to earn profits in the long run. d. faces virtually no barriers to entry.