Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. The equilibrium price and quantity for Bubba's Fried Jellybeans are $40 and 5 thousand units. What is the value of consumer surplus?
A) $5 thousand B) $12.5 thousand C) $25 thousand D) $37.5 thousand
C
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A change in which of the following can change the long-run growth rate of the economy in the Romer model?
A) investments in public infrastructure B) the national saving rate C) the fraction of the population engaged in and the productiveness of research and development D) government spending and tax rates
Executives should
A) spend an additional dollar on an activity if consumers value it by more than a dollar. B) do more of something if marginal revenue is positive. C) pend an additional dollar on an activity if consumers value it by less than a dollar. D) do more of something if average revenue is greater than zero.
An increase in Social Security payments to retired persons has what effect on equilibrium income?
A. GDP will fall. B. GDP will rise. C. GDP will remain the same. D. GDP will fall by less than the increase in payments.
On a straight line demand curve, total revenue is the same at every point on the demand curve.
Answer the following statement true (T) or false (F)