Consumer surplus is the:
a. number of consumers who are excluded from a market because of scarcity.
b. amount of a good that consumers will buy at a price below the equilibrium price.
c. amount consumers are willing to pay for a good minus the amount the consumers actually pay for it.
d. amount consumers are willing to pay for a good minus the cost of producing the good.
c
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Assume a bank has $200 million of assets with a duration of 2.5, and $190 million of liabilities with a duration of 1.05. The duration gap for this bank is
A) 0.5 year. B) 1 year. C) 1.5 years. D) 2 years.
A reduction in production costs will not result in which of the following?
A. rightward shift of the supply curve. B. increase in supply. C. greater willingness and ability of producers to supply a larger quantity at any given price. D. greater willingness and ability of consumers to demand a larger quantity at any given price.