In the figure above, suppose that $20 is the market equilibrium price. What is the amount of the consumer surplus?
A) $3,375
B) $3,000
C) $375
D) 150 units
E) $1,500
C
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If a good is inferior, then it has an income elasticity of demand that is
A) equal to zero. B) greater than zero. C) less than zero. D) greater than one. E) undefined.
Industrial growth and location changed while manufacturing employment rose in the Sun Belt and fell in the Frost Belt
This growth and relocation were primarily due to the relocation of plants, functions and people moving from the Frost Belt to the Sun Belt. Indicate whether the statement is true or false
Which of the following is an example of a negative externality?
A. planting flowers in your front yard B. talking loudly when others are trying to study economics C. people donating money to charity D. a smoker getting lung cancer
A perfectly competitive market:
A. is dominated by one firm. B. consists of at most five firms. C. is made up of a large number of firms. D. consists of only one firm.