Refer to the graph below. At equilibrium, consumer surplus would be represented by the area:
The equilibrium point in the market is where S and D curve intersect.
A. a + b
B. a + b + c
C. a
D. b + c
C. a
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In the figure above, moving from point B to point D
A) has an opportunity cost of one ton of butter per month. B) has an opportunity cost of one ton of guns per month. C) requires an increase in technology. D) is impossible.
Which of the following would not be classified as a capital resource?
a. The Empire State Building. b. A Caterpillar bulldozer. c. A Macintosh computer. d. 100 shares of stock in General Motors.
Another problem is that too much government spending
What will be an ideal response?
A common argument in favor of restricting international trade in good x is based on the premise that
a. international trade reduces total surplus in countries that export good x. b. international trade reduces total surplus in countries that import good x. c. international trade is desirable only when countries with different domestic supplies of natural resources play by different rules when trading with one another. d. trade restrictions can be useful when one country bargains with its trading partners.