Total producer surplus is the area below the equilibrium price and above the supply curve
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Which is better for making comparisons over time, nominal GDP or real GDP, and why?
What will be an ideal response?
Economics
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
Economics