Producer surplus measures the value between the actual selling price and the:
a. price sellers are willing to sell the product.
b. deadweight loss price.
c. lowest price sellers are willing to sell the product.
d. profit-maximization price.
a
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The most volatile component of aggregate demand is
A. consumer spending. B. government purchases. C. net exports. D. investment spending.
If the production possibilities frontier of one trade partner ("Country A") is bowed out (concave to the origin), then increased specialization in production by that country will
A) increase the economic welfare of both countries. B) increase the economic welfare of only Country A. C) decrease the economic welfare of Country A. D) decrease the economic welfare of Country B. E) not affect the economic welfare of either country.
What is the expected revenue from developing the simplified software?
a. $4million b. $6million c. $8million d. $10million
Which of the following is not a resource for a society?
a. capital goods, like factories and machine tools b. entrepreneurship c. legal institutions d. labor