Graphically, consumer surplus is measured by:
a. the area below the demand curve
b. the area below the demand curve, but above the upward-sloping supply curve.
c. the area below the demand curve, but above the market price.
d. the area below the market demand curve, but above the supply curve.
c
You might also like to view...
Workers earn less than half of the income generated by the production process.
Answer the following statement true (T) or false (F)
A country with an undervalued currency
A. will have a balance of payments deficit. B. will accumulate reserves of foreign currencies. C. will suffer losses of foreign reserves. D. must intervene in the foreign-exchange market to buy its own currency.
The discount rate is the interest rate
A) banks pay on certificates of deposit. B) the Fed pays on reserves held by banks. C) the Fed charges when it lends reserves to banks. D) banks charge their loan customers. E) on short-term Treasury securities.
The great Franco-American cheese war of 2009 began with:
A. beef. B. Swiss cheese quotas. C. camembert cheese tariffs. D. cheddar cheese import restrictions.