In the above figure, for a single-price monopoly the consumer surplus is equal to the area
A) abP1.
B) acP2.
C) bce.
D) bed.
E) cQ20P2.
A
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A supply schedule is determined by the wishes of
A. sellers. B. buyers. C. sellers and buyers. D. neither sellers or buyers.
Usually, increased government spending for war increases inflationary pressures. The principal reason that inflation occurred during the Vietnam War and not during World War II was the existence, during World War II, of
A. full employment. B. government ownership of factories. C. full production. D. wage and price controls. E. high levels of patriotism.
If workers received a 5 percent wage increase and the rate of inflation was 3 percent, then their real wage:
A. remained constant. B. equaled the nominal wage. C. decreased. D. increased.
In 2015, three of the world's four largest corporations were headquartered in China.
Answer the following statement true (T) or false (F)