Refer to the graph shown. If consumers had to pay $13 per unit for this product instead of $10 per unit, consumer surplus would fall from:
A. 1,125 to 810.
B. 1,500 to 810.
C. 1,125 to 405.
D. 2,250 to 1,125.
Answer: C
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Which of the following is not a determinant of supply?
a. improvements in technology b. an increase in the number of consumers c. changes in the profitability of producing other products d. a change in the cost of labor
The schedule of the amount of a product that consumers would be willing to purchase at alternative prices during a specific time period is the
a. total utility schedule. b. marginal utility schedule. c. supply schedule. d. demand schedule.
As long as existing firms ________ in an industry, new firms will enter the industry, causing the industry ________ curve to shift to the right.
A. break even; supply B. earn economic profits; demand C. earn economic profits; supply D. break even; demand
The following programs were part of the Fed's "lender of last resort" efforts in response to the Financial Crisis of 2007-2008, except:
A. TSLF (Term Securities Lending Facility) B. TARP (Troubled Asset Relief Program) C. CPFF (Commercial Paper Funding Facility) D. TALF (Term Asset-Backed Securities Loan Facility)