Refer to Figure 7.4. If the market was perfectly competitive, the consumer surplus would be:
A. $850.
B. $625.
C. $300.
D. $100.
Answer: B
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"Being the only seller in the market, the monopolist can choose any price and quantity it desires." Evaluate this statement: Is it true or false? Explain your answer
What will be an ideal response?
Refer to Figure 10.3. A positive demand shock with no change in the real interest rate is best represented by ________ in panel (a) and ________ in panel (b)
A) a shift from AE3 to AE2; a shift from IS2 to IS1 B) a shift from AE2 to AE3; a shift from IS1 to IS2 C) a shift from AE1 to AE2; a movement from point A to point B D) a shift from AE1 to AE3; a movement from point A to point C
National saving is saving by:
A. households and firms. B. the government. C. the entire economy. D. households for retirement.
The purpose of limited capital account convertibility is to:
A. limit trade in certain types of assets. B. eliminate trade in assets. C. limit trade in certain types of goods and services. D. eliminate trade in goods and services.