The total amount of producer surplus in a market is equal to the area above the market supply curve and below the market price
Indicate whether the statement is true or false
TRUE
Economics
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Import Substitution (IS) strategies have been defended on the basis of
a. export pessimism b. the desire to industrialize c. the potential for learning by doing d. the desire to save on foreign exchange e. all of the above
Economics
What do economists mean when they state that a good is scarce?
What will be an ideal response?
Economics
"Diminishing marginal product is a basic law because new workers are always less qualified than the existing workers." Do you agree or disagree? Explain
What will be an ideal response?
Economics
Which would most likely shift the aggregate supply curve? A change in the prices of:
A. Domestic products B. Foreign products C. Financial assets D. Resources
Economics