These are the cost and revenue curves associated with a monopolistically competitive firm.
According to the graph shown, area B represents:
A. deadweight loss.
B. producer surplus.
C. profits earned in the short run.
D. consumer surplus.
Answer: A
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The four factors of production (or types of resources) are
A. labor, capital, technology, and entrepreneurial ability. B. land, labor, capital, and entrepreneurial ability. C. labor, capital, entrepreneurial ability, and money. D. land, labor, capital, and money.
If there is an increase in the expected future U.S. exchange rate, there is
A) an upward movement along the demand curve for dollars. B) a downward movement along the demand curve for dollars. C) a leftward shift of the demand curve for dollars. D) a rightward shift of the demand curve for dollars.
The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). If the price were $2.50, consumer surplus equals
A) $301.00. B) $924.50. C) $1,225.50. D) $0
Rational ignorance might explain low voter turnout because people apply marginal analysis to voting
a. True b. False Indicate whether the statement is true or false