In the figure above, suppose that $20 is the market equilibrium price. Which area is the consumer surplus?
A) A
B) B
C) A + B
D) B - A
E) B ÷ A
A
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Rising prices erode the value of money as a ________ and as a ________
A) store of value; unit of liquidity B) medium of exchange; store of value C) store of value; unit of barter D) unit of barter; unit of account
Everything else held constant, an increase in net taxes ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is 30, the marginal product of labor is 20, the price of labor is $20, and the price of the output is $5
For Acme Company, the marginal revenue product of labor A) is $100. B) is $150. C) is $400. D) is $600. E) cannot be determined with the information provided.
A graph shows the total quantity of zinc that all the zinc producers together are willing to provide at each price. This is an example of a(n) ______.
a. individual supply curve b. market supply curve c. individual demand curve d. market demand curve