Refer to Figure 4-1. If the market price is $1.00, what is the consumer surplus on the fourth burrito?
A) $0 B) $0.50 C) $1.50 D) $2.25
A
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In the above figure, the competitive unregulated equilibrium is producing and consuming ________ tons of paper at a price of ________ per ton
A) 100; $150 B) 100; $100 C) 100; $50 D) 200; $100
Quotas are most often supported by
A) foreign producers. B) foreign consumers. C) domestic consumers. D) domestic producers.
A mismatch of the skills of unemployed workers and the skills required for existing jobs is defined as:
a. involuntary unemployment. b. cyclical unemployment. c. structural unemployment. d. frictional unemployment.
Monopolists may be able to earn profit, even in the long run, as the result of
a. consumer ignorance. b. an inelastic demand for its product. c. product differentiation. d. high barriers to entry.