All else equal, what happens to consumer surplus if the price of a good increases?
a. Consumer surplus increases.
b. Consumer surplus decreases.
c. Consumer surplus is unchanged.
d. Consumer surplus may increase, decrease, or remain unchanged.
b
Economics
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The _________________ is a relationship between inputs and output that identifies the maximum output which can be produced per time period by each specific combination of inputs.
Fill in the blank(s) with the appropriate word(s).
Economics
Refer to the figure above. If John spends his entire income on chairs, how many chairs can he purchase?
A) 3 B) 8 C) 20 D) 40
Economics