The market demand curve shows how the quantity demanded of a product, during a specified time period, changes as the price of that product changes.
Answer the following statement true (T) or false (F)
True
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In the long run, a firm's producer surplus is equal to the
A) economic rent it enjoys from its scarce inputs. B) revenue it earns in the long run. C) positive economic profit it earns in the long run. D) difference between total revenue and total variable costs. E) difference between total revenue and total fixed costs.
Last year you purchased 20 shirts at $15 apiece, 30 CDs at $12 each, and 5 sweaters at $25 apiece. This year you buy 20 shirts at $20 apiece, 30 CDs at $12 apiece, and 5 sweaters at $20 a apiece. If last year's index was 100, this year's index is
A) 91.3. B) 102.0. C) 109.5. D) 9.5.
If the median voter rule always hold, then the preferences of extremely conservative (right) voters
A. do not determine the results of a vote. B. determine the voting results 100% of the time. C. determine the voting results 50% of the time. D. are more important than the preferences of everybody else.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A. B. A to C. C. C to D. D. B to D.