Given a constant demand, a rise in prices ______.
a. decreases consumer surplus
b. increases consumer surplus
c. locks consumer surplus into place
d. has little effect on consumer surplus
a. decreases consumer surplus
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The production possibilities frontier illustrates the
A) maximum combinations of goods and services that can be produced. B) resources the economy possess, but not its level of technology. C) goods and services that people want. D) limits to people's wants. E) amount of each good that people want to buy.
Current account transactions are payments and gifts that are related to the purchase or sale of
A) financial instruments only. B) both goods and services. C) goods only. D) services only.
Which of the following is an example of a firm's derived demand?
a. The wage that a worker earns is a function of her human capital. b. A firm's demand for college textbook study guide authors is inseparably linked to the supply of college textbooks. c. Factors that increase the demand for labor will increase the equilibrium wage. d. All of the above are correct.
It presently costs 50 Canadian dollars for a lift ticket at Whistler Ski Resort in British Columbia. If the current value of the Canadian dollar is 0.68 U.S. dollars, how many U.S. dollars does it cost to ski at Whistler?
A. $16.00 B. $34.00 C. $73.50 D. $156.25