Consumer surplus
a. is the amount a buyer pays for a good minus the amount the buyer is willing to pay for it.
b. is represented on a supply-demand graph by the area below the price and above the demand curve.
c. measures the benefit sellers receive from participating in a market.
d. measures the benefit buyers receive from participating in a market.
d
You might also like to view...
Which of the following is not true of declining industries?
a. Job loss is not a problem in a declining industry because the workers can easily find jobs in expanding industries. b. Jobs may be lost by declining industries but new jobs are created in expanding industries. c. Over 60 million new jobs have been created in the United States since 1960. d. One way to solve the problems posed by declining industries is for the government to fund programs to retrain workers for jobs that are in greater demand. e. One way to solve the problems posed by declining industries is for the government to offer wage subsidies or special tax breaks that decline over time.
U.S. GDP excludes the production of most illegal goods
a. True b. False Indicate whether the statement is true or false
The tax multiplier is equal
What will be an ideal response?What will be an ideal response?
Table 34-3 ? ? Output Per Unit Labor Input ? Cotton Wheat Egypt 10 2 United States 20 20 The data in Table 34-3 indicate that the United States has
A. an absolute advantage in both goods, and a comparative advantage in cotton. B. an absolute advantage in both goods, and a comparative advantage in wheat. C. only a comparative advantage in wheat. D. only a comparative advantage in cotton.