The amount Jacqueline receives for selling cupcakes beyond the minimum she would be willing to sell the cupcakes for is called
A) consumer surplus.
B) producer surplus.
C) cooperative surplus.
D) deadweight loss.
B
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Suppose the overall MPC is 0.9. If a $2 billion increase in imports to the United States will lead to a $10 billion decrease in GDP, the value of the marginal propensity to import must be
A) 0.1. B) 0.2. C) 0.5. D) 0.8.
If the price elasticity of demand is infinite, demand is:
A. upward sloping. B. inelastic. C. elastic. D. perfectly elastic.
Recall the Application about federal quality standards in the market for kiwifruit to answer the following question(s).Recall the Application. The U.S. kiwifruit information asymmetry was reduced by advertising.
Answer the following statement true (T) or false (F)
The demand for Chiquita bananas is more inelastic than the demand for fruit.
Answer the following statement true (T) or false (F)