Consumer surplus in a market for a product would be equal to ________ if the market price was zero
A) zero
B) the area under the demand curve
C) the area between the supply curve and the demand curve
D) the area above the supply curve
Answer: B) the area under the demand curve
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The U.S. federal government embraced all of the Populists' requests, including the nationalization of the railroad system
Indicate whether the statement is true or false
Which of the following is a term referring to unemployment that occurs because individuals lack skills valued by employers?
a. cyclical unemployment b. underemployment c. natural unemployment. d. structural unemployment
The analysis of oligopolistic behavior is difficult because
a. there are few real-world examples of oligopolies for economists to study. b. oligopolists make decisions independently of each other. c. firms in oligopolistic industries react to each other's behavior in many ways. d. economists have paid little attention to the topic in recent years and so have not yet applied to it the techniques of modern economic theory.
The railroad industry in the United States is used as an example of ______.
a. the deadweight loss caused by perfect competition b. government ownership of monopolies c. how monopolies can fail to innovate d. how monopolies are innovators