Labor productivity measures output per hour of work.

Monopolists usually earn economic rent

a. True b. False Indicate whether the statement is true or false

When a country abandons a no-trade policy, adopts a free-trade policy, and becomes an exporter of a particular good,

a. producer surplus increases and total surplus increases in the market for that good. b. producer surplus increases and total surplus decreases in the market for that good. c. producer surplus decreases and total surplus increases in the market for that good. d. producer surplus decreases and total surplus decreases in the market for that good.