The total amount of producer surplus in a market is equal to
A) the area between the demand curve and the supply curve below the market price.
B) the difference between quantity supplied and quantity demanded.
C) the area above the market supply curve.
D) the area above the market supply curve and below the market price.
D
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Between 1980 and 2008 recycling in the United States has
a. decreased by less than 2%. b. increased by less than 2%. c. doubled. d. tripled.
Which of the following represents why private production tends to be more efficient then government production?
What will be an ideal response?
A reduction in the supply of labor will cause wages to:
A. decrease and employment to decrease. B. increase and employment to increase. C. increase and employment to decrease. D. decrease and employment to increase.
Which of the following is true about a monopoly?
A) Its demand curve is generally less elastic than in more competitive markets. B) It will always earn economic profit. C) It will always produce the same as a perfectly competitive firm. D) It will always be subject to government regulation. E) None of the above is true.