Total welfare gains from trade to the economy can be measured:
a. as the sum of consumer and producer surpluses
b. as the difference between producer surplus and consumer surplus.
c. as the sum of consumer and producer surpluses minus taxes
d. as the net gain in consumer surplus that results from an action that alters a market equilibrium.
a
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What will be an ideal response?
Refer to the information above. The labor force participation rate is
A) .2. B) .3. C) .4. D) .6. E) .8.
________: the area above the market supply curve and below the market equilibrium price
Fill in the blank(s) with correct word
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Indicate whether the statement is true or false