The difference between the price firms would be willing to accept for their goods and the price they actually receive is called
a. consumer surplus.
b. consumer efficiency.
c. allocative efficiency.
d. producer surplus.
d. producer surplus.
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In which of the following years was there a recession?
A. 1942 B. 1950 C. 1965 D. 1973
In the above figure, after the second worker is hired, the marginal product of labor is
A) increasing. B) diminishing. C) constant. D) zero.
Monopolistic competition differs from perfect competition only with regard to the number of firms participating in the market
a. True b. False Indicate whether the statement is true or false
A binding price floor i. causes a surplus. ii. causes a shortage. iii. is set at a price above the equilibrium price. iv. is set at a price below the equilibrium price
a. (i) only b. (iii) only c. (i) and (iii) only d. (ii) and (iv) only