After a price ceiling of $8 is placed on the market in the graph shown, which area represents total surplus?
A. A + B + C + D + E + F + G
B. A + B + C + D + E
C. A + C + E
D. A + B + C + D + E + F
C. A + C + E
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Hyperinflation refers to an inflation rate which exceeds 5 percent per month
Indicate whether the statement is true or false
If a firm can sell 3,000 units of product A at $10 per unit and 5,000 at $8, then
A) the price elasticity of demand is 0.44. B) A is a complementary good. C) the price elasticity of demand is D) A is an inferior good.
In the above figure, the competitive firm will employ the quantity of labor
A) equal to Lc. B) equal to Lb. C) less than Lb. D) greater than Lc.
In order to avoid congressional action in the United States, in the early 1980s the Japanese resorted to:
a. infant industry protection. b. dumping of automobiles. c. voluntary export restraint (VER). d. price discrimination.