Based on the graphic for perfect competition versus monopoly, which is the greatest area?
a. consumer surplus in a monopoly
b. consumer surplus in perfect competition
c. producer surplus in a monopoly
d. producer surplus in perfect competition
b. consumer surplus in perfect competition
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A minimum wage set above the equilibrium wage rate is a price ________ that ________ the quantity of low-skilled labor demanded
A) ceiling; decreases B) ceiling; increases C) floor; decreases D) floor; increases
Although Thomas Edison invented the lightbulb in 1879, by 1907 only ___ percent of U.S. homes had electricity
a. 8 b. 20 c. 38 d. 50
If the price of bonds falls, the
a. demand for bonds will rise b. supply of bonds will fall c. supply of bonds will rise d. interest rate will rise e. interest rate will fall
At equilibrium, the market will clear, with no surpluses or shortages occurring
a. True b. False Indicate whether the statement is true or false