Refer to Figure 9.3. If the market is in equilibrium, total consumer surplus is
A) $1.
B) $3.
C) $200.
D) $400.
E) $600.
C
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Assume a competitive market is in equilibrium. There is an increase in demand, but no change in supply. As a result, the equilibrium price ________, and the equilibrium quantity ________
A) rises; increases B) falls; increases C) falls; decreases D) falls; does not change E) rises; does not change
A change in the slope of an isocost line is due to a change in
A) the price of one or both inputs. B) quantity of output. C) total cost. D) the output price.
Low stock market prices might ________ consumers willingness to spend and might ________ businesses willingness to undertake investment projects
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
Company X sells sugar to company Y for $50,000. Company Y uses the sugar to make chocolate bars, selling them to consumers for $150,000. The total contribution to GDP is:
A) $200,000. B) $100,000. C) $30,000. D) $150,000. E) $50,000.