Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units. What is the value of consumer surplus?
A) $300 thousand B) $450 thousand C) $900 thousand D) $1,500 thousand
B
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A perfectly competitive market is characterized by the free entry and exit of firms
a. True b. False Indicate whether the statement is true or false
Some low-income countries generally remain poor because
a. their institutional arrangements and policies often discourage productive activity and reduce the potential gains from specialization and exchange. b. they are oppressed by developed nations that benefit from the cheap goods available from countries with low wage rates. c. they are poorly endowed with natural resources, which are essential for long-term growth. d. when the average income level is low, workers have little incentive to earn higher incomes.
Refer to the information provided in Figure 27.2 below to answer the question(s) that follow.
Figure 27.2Refer to Figure 27.2. Planned investment would experience the least amount of crowding out when the aggregate demand curve shifts from
A. AD1 to AD2. B. AD3 to AD4. C. AD5 to AD6. D. The amount of crowding out is the same for all AD curve shifts shown in the figure.
The percentage of the population in the two lower income classes (defined by Pew as having less than 67% of median family income)
A. remained constant at 60% from the 1970s to 2015. B. declined from more than 60% in the 1970s to 50% in 2015. C. declined from more than 60% in the 1970s to 20% in 2015. D. increased from the 1970s to 2015.