Consumer surplus in a market for a product would be equal to the area under the demand curve if
A) producer surplus was equal to zero.
B) marginal cost was equal to the market price.
C) the product was produced in a perfectly competitive market.
D) the market price was zero.
Answer: D
Economics
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Which of the following is a method used by unions to increase the demand for their members' labor?
A) Support import restrictions. B) Decrease the marginal product of union members. C) Oppose immigration restrictions. D) Oppose minimum wage laws.
Economics
The firm's gain in profit from hiring another worker is
A) the marginal revenue product of the extra worker. B) the extra output of the extra worker. C) the reduction in costs from hiring another worker. D) the difference between marginal revenue product and the wage of the worker.
Economics