The figure above shows the demand for and costs of producing Charlene's Chocolates. If Charlene's Chocolates is a monopoly that charges one price to all customers, then consumer surplus is ________ and it creates a deadweight loss of ________
A) $800; $400
B) $200; $100
C) $400; $200
D) $0; $200
C
Economics
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Suppose a price searcher faces the following demand curve: At $100, $90, $80, $70, and $60, the quantity demanded is 1, 2, 3, 4, and 5 units respectively. Which statement below is true?
A) Total revenue is $100. B) Total revenue is $190 when 2 units are sold. C) Total revenue is $400 when 5 units are sold. D) Marginal revenue is $80 when the price is $90.
Economics
In Figure 3-7 above, if natural real GDP = $2500, AP = $250, and the change in "a" = change in I = change in NX = 0, the tax cut required to achieve then natural real GDP is
A) $312.50. B) $250.00. C) $500.00. D) none of the above.
Economics