In the above figure, if the market is in equilibrium, area A + area B + area C equals
A) total surplus.
B) consumer surplus.
C) deadweight loss.
D) producer surplus.
E) total revenue.
B
Economics
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Any point on or outside the production possibilities frontier is attainable.
Answer the following statement true (T) or false (F)
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Using the data in the table above, when the price of a skirt rises from $20 to $35, what is the price elasticity of demand? (Use the midpoint method.)
A) 0.33 B) 0.25 C) 1.00 D) 1.33 E) 3.00
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What two things does the amount of property income a household earns depend upon?
What will be an ideal response?
Economics
For a perfectly competitive firm, marginal revenue is identical to marginal cost at every quantity
Indicate whether the statement is true or false
Economics