Consumer surplus describes a situation in which there is excess quantity supplied.
Answer the following statement true (T) or false (F)
False
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A market in which many firms sell identical products is
A) a monopoly. B) an oligopoly. C) only perfectly competition. D) only monopolistic competition. E) both perfect competition and monopolistic competition.
If this pollution occurs, the marginal social cost equals the
A) marginal external cost. B) private marginal cost. C) sum of the private marginal cost and the marginal external cost. D) private marginal cost minus the marginal external cost.
Which of the following leads to a fundamental difficulty for stabilization policy?
A. Time lags in policy decisions B. Presence of shock absorbers in the economy C. Absence of data on the effectiveness of policy measures D. Existence of self-correcting mechanism
To increase output the government could adopt policies that
A. increase aggregate supply and decrease aggregate demand. B. increase aggregate supply and aggregate demand. C. decrease aggregate supply and increase aggregate demand. D. decrease aggregate supply and aggregate demand.