Figure 3-17
Refer to . When the price is P1, consumer surplus is
a.
A.
b.
A + B.
c.
A + B + C.
d.
A + B + D.
c
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What determines the position and shape of a society’s production possibilities frontier?
A. The physical resources of that society B. The skills of the workforce C. The level of technology of the society D. The amount of factories in the society E. All of the responses are correct.
Based on the production data for Pat's Pizza Parlor in the above table, the marginal product of the 4th worker is ________ pizzas
A) 5 B) 8 C) 10 D) 45
In the figure above, the redistribution from the consumers to the producer if the firm is a single-price, unregulated monopoly rather than a perfectly competitive industry is
A) zero. B) $8.00 per day. C) $16.00 per day. D) $32.00 per day.
When the market value of the dollar falls relative to other currencies around the world, we say that
A) the supply of dollars has decreased. B) the dollar has depreciated. C) the demand for dollars has decreased. D) the dollar has appreciated.