The total of consumer plus producer surplus is largest at the market equilibrium.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Economics is a social science rather than a “hard” science like physics because
A. economists abstract from reality when creating their theories. B. economics is easier to study than physics. C. economists must explain their theories to policy makers who lack formal mathematical training. D. economists study human behavior, which is affected by an unpredictable and vast range of influences.
The original Dow Jones Industrial Average (DJIA) contained ____________ stocks, while the DJIA now consists of ____________ stocks.
A. 10; 500 B. 11; 30 C. 15; 50 D. 20; 60
When bad money drives out good money, the price level will rise
Indicate whether the statement is true or false
Suppose that all countries eliminate their barriers to trade. The HeckscherOhlin model predicts that:
a. wages should become more equal throughout the world. b. wages should become more unequal throughout the world. c. the volume of international trade should fall. d. there should be increased migration of labor among countries.