Which of the following is the definition of wealth?
a. Real disposable income
b. The total value of assets
c. Real income
d. The value of liabilities minus the value of assets
e. The value of assets minus the value of outstanding liabilities
E
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"Ceteris paribus" refers to the idea that if more than two variables are graphed, only one variable must be held constant
Indicate whether the statement is true or false
The quantitative difference between areas Q1bcQ2 and p1p2ba in the diagram measures
A. marginal cost. B. total revenue. C. marginal revenue. D. average revenue
When the market is in long-run equilibrium in a perfectly competitive market, this implies that in the long run means
A. no firm in the industry has an incentive to exit. B. no firm outside the industry has an incentive to enter. C. no firm in the industry has an incentive to increase or decrease its output. D. all of these conditions are met in the long run equilibrium.
An increase in demand will always
A. increase consumer surplus. B. increase producer surplus. C. decrease consumer surplus and increase consumer surplus. D. increase producer surplus and increase consumer surplus.