Consumer surplus increases whenever the price of a good decreases
a. True
b. False
Indicate whether the statement is true or false
True
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The growing federal budget deficit in the 1980s was accompanied by a
A. growing trade surplus. B. growing trade deficit. C. shrinking trade deficit. D. shrinking capital account surplus.
According to the graph shown, if a firm is producing at Q2:
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
A. profits are being maximized.
B. average total costs are minimized.
C. it is producing at an efficient scale.
D. All of these are true.
"Free trade benefits one country at another country's expense." Evaluate this statement using economic analysis
The balance between maximizing a society's income and an equal distribution of that income is an illustration of a. scarcity
b. trade-offs. c. the forces of supply and demand. d. none of the above.