Refer to the above figure. The equilibrium price and quantity are
A. $2 and 12 units.
B. $6 and 9 units.
C. $8 and 6 units.
D. $10 and 1 unit.
Answer: B
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Producer surplus
A. is the difference between the minimum price producers are willing to accept for a product and the higher equilibrium price. B. is the difference between the maximum price consumers are willing to pay for a product and the lower equilibrium price. C. rises as equilibrium price falls. D. is the difference between the maximum price consumers are willing to pay for a product and the minimum price producers are willing to accept.
A government budget surplus from reduced government spending (no change in net taxes) will ________ the level of investment in the economy and ________ the level of saving (private plus public) in the economy
A) increase; decrease B) increase; increase C) decrease; decrease D) decrease; increase
Typical structure characteristics of interest to Industrial Organization researchers include
a. Barriers to entry b. Product differentiation among firms c. The number and size distribution of firms d. All of the above
Production of goods and services require different mixes of resources. Discuss the three different production resource intensities and give examples of each.
What will be an ideal response?