Which area in the above figure shows the consumer surplus at the price and quantity that would be attained if the industry were perfectly competitive?
A) A + B + C + D
B) A + B + C + D + E
C) F + G + H
D) A + B + C + D + E + F + G + H
B
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Use the figure below to answer the following question.
If a price floor in this market is set at P2, then deadweight loss equals area
A. d. B. f. C. b + d. D. d + h.
How will the invisible hand move corn prices in response to:
a. a flood that destroys a great deal of the corn crop? b. a rise in the price of wheat (a substitute for corn)? c. a change in consumer tastes away from corn dogs toward hot dogs? d. an increase in the number of people with access to the corn market?
Describe what the term "full employment" means to an economist
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.