The figure above shows the market for milk. If the efficient quantity of milk is produced, the producer surplus is

An example of a seasonally unemployed worker would be

A) a day care provider who quits his job to go back to school. B) a mother who quits her job to stay home with her children. C) a General Motors employee loses her job because the company is downsizing its work force. D) a software engineer who is laid off because of declining demand for the software he writes. E) a ski lift operator who loses his job when the snow melts in the spring.

Suppose the real wage remains unchanged between Year 1 and Year 2 but the nominal wage increases from $20 to $24 . Based on this information, we can conclude that the price level has: a. increased by 20 percent. b. increased by 25 percent. c. remained unchanged

d. decreased by 10 percent. e. decreased by 20 percent.