In the figure above, when income equals $20,000, what does consumption equal?
A) $0
B) $10,000
C) $20,000
D) impossible to tell
C
Economics
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If a price ceiling is imposed above the equilibrium price, what is the effect?
a. There is no visible effect on the market outcome. b. A shortage results. c. A surplus results. d. The quantity demanded will decrease.
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What is rent seeking? How does rent seeking affect the deadweight loss from monopoly?
What will be an ideal response?
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