The above figure shows the market for a particular good. If the market is controlled by a perfect-price-discriminating monopoly, consumer surplus equals
A) A.
B) A + B + C.
C) C.
D) zero.
D
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In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs
Indicate whether the statement is true or false
The importance of the ceteris paribus assumption is that it: a. allows one to separate normative economic issues from positive economic ones
b. allows one to generalize from the whole to the individual. c. allows one to analyze the relationship between two variables apart from the influence of other variables. d. allows one to hold all variables constant so the economy can be carefully observed in a suspended state.
Output per unit of input measures
A. The inequality trap. B. The investment rate. C. Per capita GDP. D. Productivity.
In the equation of exchange, an increase in M of 8 percent could be accompanied by changes in velocity, the price level and real GDP of:
a. -2%, 3%, 3%. b. 4%, 0%, 4%. c. 2%, 8%, 8%. d. 8%, 8%, 4%.