The figure above shows the demand curve, marginal revenue curve, and marginal cost curve. The amount of consumer surplus when the market has a monopoly producer is
A) ace.
B) abf.
C) bcd.
D) bcef.
E) acd.
B
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If at optimum output of 1,000 units, the firm is incurring average variable cost per unit of $3, average fixed cost per unit of $1.50, and selling its output at $7 per unit, total profit is
A. $7,000. B. $2,500. C. $1,500. D. $250.
Members of the Board of Governors of the Federal Reserve serve one _____ year term.
Fill in the blank(s) with the appropriate word(s).
If the economy is in equilibrium, it must be
A. on the 45° line. B. on the 60° line. C. below the 45° line. D. below the 60° line.
If the economy automatically tends toward full employment, then government stabilization policy
A. must be constantly in force. B. will be necessary only in recessions. C. will be necessary only in inflationary periods. D. will not be necessary.