In the above figure, a price of $1.25 and a quantity of 5 million gallons of milk per day maximizes the
A) amount of consumer surplus.
B) amount of producer surplus.
C) sum of consumer surplus and producer surplus.
D) All of the above answers are correct.
C
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One method unions use to ration available jobs among excess workers is
A) lengthy apprenticeships. B) to hire only white collar workers. C) collective bargaining. D) refuse to unionize.
Gross Domestic Product includes the sale of intermediate goods and services
a. True b. False Indicate whether the statement is true or false
An economist who studies the sales and profits of a large corporation would be classified as a(n)
A. macroeconomist. B. equity analyst. C. stock broker. D. microeconomist. E. social economist.
Figure 5-17
In Figure 5-17, the consumer would prefer
A. D to C. B. B to D. C. C to B or A. D. D to A but not B.