An increase in the market price of a good increases consumer surplus
a. True
b. False
Indicate whether the statement is true or false
False
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A monopoly, unlike a perfect competitor, has total control in its market because it is the single producer. Why, then, must a single-price monopoly decrease its price if it wants to increase its output?
What will be an ideal response?
The United States first became a creditor nation in the year _______.
Fill in the blank(s) with the appropriate word(s).
Johnny has been working a lot of overtime during the most current economic boom. As a result, his income is high enough for him to move from the 10 percent tax bracket to the 15 percent tax bracket. So, Johnny pays a higher percentage of a higher income to the government this year. The increased amount paid to the government is an example of:
A. discretionary fiscal policy slowing the economy. B. discretionary fiscal policy encouraging economic activity. C. automatic stabilizers slowing the economy. D. automatic stabilizers encouraging economic activity.
If a resource can be put to a single use and has no alternative uses then:
a. economic rents are zero. b. transfer earnings are maximized. c. total earnings are zero. d. all earnings are economic rents. e. all earnings are transfer earnings.