Figure 3-17
Refer to . When the price is P2, consumer surplus is
a.
A.
b.
B.
c.
A + B.
d.
A + B + C.
a
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If the demand for bicycles increases,
a. the quantity demanded decreases b. equilibrium price increases and equilibrium quantity decreases c. equilibrium price decreases and equilibrium quantity increases d. quantity supplied increases e. quantity supplied decreases
The ability of a firm to raise the price without losing all its sales to rivals is called
a. market power b. social regulation c. economic regulation d. antitrust policy e. natural monopoly
Which of the following types of auctions was NOT described in the text?
A. Second-price sealed bid auction B. Dutch auction C. English auction D. Third-price sealed bid auction
Over the past year, productivity grew 1.8%, capital grew 2%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.2 and 0.8, respectively, how much did output grow?
A. 1% B. 2% C. 3% D. 4%