If the market in the figure above is perfectly competitive, consumer surplus is the area ________
A) ABH
B) BFGH
C) ACG
D) BCD
E) ACE
C
Economics
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Which of the following goods are not close substitutes?
a. Peanut butter and jelly b. Margarine and butter c. Tea and coffee d. Beef and chicken
Economics
Recall the Application about setting the price of tickets for Major League Baseball games to answer the following question(s).According to the Application, due to the marginal revenue from ticket sales for a typical Major League Baseball team, the team could increase total revenue from ticket sales by ________ the price of tickets and ________ the quantity of tickets sold.
A. increasing; increasing B. increasing; decreasing C. decreasing; increasing D. decreasing; decreasing
Economics