There was a spike in U.S. legal immigration from 1989 to 1991 due to:
A. An unstable political situation in Mexico
B. Increased international travel
C. Tremendous economic growth in the U.S. economy
D. An amnesty program legalizing formerly illegal immigrants
D. An amnesty program legalizing formerly illegal immigrants
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If a good has an absolute price elasticity of 2, the demand for the good is
A) unit elastic. B) inelastic. C) perfectly elastic. D) elastic.
Consumer surplus:
a. is minimized in market equilibrium. b. measures the value between the actual selling price of a product and the price at which sellers are willing to sell the product. c. measures the value between the price consumers are willing to pay for a product and the price they actually pay. d. measures the price at which sellers extract excess profits from consumers.