According to the graph shown, if the market goes from equilibrium to having its price set at $10 then:
A. producer surplus will change from (B + C + D + E) to D only.
B. producer surplus will change from (D + E) to (D + B).
C. producer surplus will change from (D + E) to (D + E + B + C).
D. producer surplus will change from (D + B) to (D + E).
Answer: B
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Oligopoly differs from perfect competition and monopolistic competition in that
A) demand and marginal revenue curves are more useful for analyzing oligopoly than they are for analyzing perfect competition and monopolistic competition. B) the concentration ratios of oligopoly industries are lower than they are for perfectly competitive and monopolistically competitive industries. C) barriers to entry are lower in oligopoly industries than they are in perfectly competitive and monopolistically competitive industries. D) because oligopoly firms often react when other firms in their industry change their prices, it is difficult to know what the oligopolist's demand curve looks like.
Goldin (2001) refers to the 20th century as the "human capital" century and credits education for the rise in overall income
Indicate whether the statement is true or false