Refer to Figure 15-10. What is the area that represents consumer surplus under a monopoly?
A) the triangle P0P2E B) the trapezium P1P2EF
C) the rectangle P1P3HF D) the triangle P0P1F
D
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In the period from 1929 through 1933, there were successive ________ in aggregate demand and ________ in short-run aggregate supply
A) increases; decreases B) decreases; increases C) decreases; no change D) increases; increases
A firm is operating at a scale where diseconomies of scale are present. Which of the following could help explain what that means?
a. The firm is operating at a scale where the average total cost of production is falling as output expands. b. The firm is operating at a scale where total fixed costs are not minimized c. The firm is operating at a scale where average total cost is constant as output expands. d. The firm has grown so large that average total cost increases as output expands.
If the CPI was 68 in 1965 and is 285 today, then $100 today purchases the same amount of goods and services as
a. $23.86 purchased in 1965. b. $32.47 purchased in 1965. c. $68.00 purchased in 1965. d. $419.12 purchased in 1965.
A failure of the pricing system has led to pollution.
Answer the following statement true (T) or false (F)