The difference between the ________ for a good and the ________ is called consumer surplus
A) lowest price a consumer is willing to pay; price the consumer actually pays
B) highest price a consumer is willing to pay; price the consumer actually pays
C) highest price a consumer is willing to pay; lowest price a consumer is willing to pay
D) price the consumer actually pays; actual cost to the producer
B
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The hypothesis of political business cycles is based on the assumption that a vertical Phillips curve always holds
a. True b. False Indicate whether the statement is true or false
If firms in a monopolistically competitive industry experience short-run losses
A) some firms would like to exit the industry but find they cannot. B) firms increase prices further, until they make at least a normal return. C) firms increase advertising spending to increase demand, until they make at least a normal return. D) some firms exit the industry, causing the demand curves for the remaining firms to shift to the right until they earn a normal profit.
What has happened to health care spending and the quality of health care services in the United States over the past 50 years?
What will be an ideal response?
The law of diminishing marginal product holds so long as the input is not a Giffen good.
Answer the following statement true (T) or false (F)