The difference between the value you place on a product and its market price is called
a. Consumer surplus
b. Quantity demanded
c. Demand
d. None of the above
a
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In the figure above, Gap maximizes its profit if it sells ________ jackets per day
A) 100 B) 64 C) 129 D) 133
Workers in the United States were granted the legal right to engage in collective bargaining by the
A) National Labor Relations Act. B) Taft-Hartley Act. C) Landrum-Griffin Act. D) Knights of Labor Act.
Answer the following statements true (T) or false (F)
1. Higher price levels are associated with lower aggregate expenditure at every level of income. 2. The classical economists held that chronic unemployment was likely. 3. According to the classical economists, demand creates its own supply. 4. Keynes suggested that Say’s Law did not apply to a monetary economy because many individuals hold money as saving instead of spending it. 5. Keynes stated that equilibrium could exist at any level of employment or unemployment.
Profits in the short run attract resources to industries in the long run, allowing them to expand.
Answer the following statement true (T) or false (F)