In the above figure, the market is at its equilibrium. Area A + area B is equal to
A) consumer surplus.
B) total revenue.
C) total surplus.
D) marginal benefit.
E) producer surplus.
C
Economics
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Suppose that Australia has fully employed all of its resources. This situation means that Australia
A) is experiencing zero unemployment. B) has a positive Lucas Wedge. C) has a negative Okun Ga D) is operating at its potential GDP
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An economic model is a complex version of reality used to analyze real-world economic situations
Indicate whether the statement is true or false
Economics