Joe's demand for spring water can be represented as p = 10 - Q (where p is measured in $/gallon and Q is measured in gallons). He recently discovered a spring where water can be obtained free of charge. His consumer surplus from this water is
A) $0.
B) $50.
C) $100.
D) unknown based upon the information provided.
B
Economics
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In a laissez-faire economy, the price system plays a key role in
a. selecting outputs. b. selecting inputs. c. distributing outputs. d. All of the above are correct.
Economics
In the economy above:
A. the price level is rising faster than nominal GDP.
B. nominal and real GDP are growing at the same rate.
C. the growth of nominal GDP understates the growth of real GDP.
D. the growth of nominal GDP overstates the growth of real GDP.
Economics