Producer surplus equals
a. Value to buyers - Amount paid by buyers.
b. Amount received by sellers - Costs of sellers.
c. Value to buyers - Costs of sellers.
d. Value to buyers - Amount paid by buyers + Amount received by sellers - Costs of sellers.
b
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Refer to Figure 21-6. The loanable funds market is in equilibrium, as shown in the figure above
An increase in the supply of loanable funds could result in which of the following combinations of the real interest rate and quantity of loanable funds at a new equilibrium? A) The real interest rate is 3 percent, and the quantity of loanable funds is $90 million. B) The real interest rate is 3 percent, and the quantity of loanable funds is $150 million. C) The real interest rate is 5 percent, and the quantity of loanable funds is $90 million. D) The real interest rate is 5 percent, and the quantity of loanable funds is $150 million.
Compared to low-income families, a larger proportion of high-income families
a. is headed by a person with a college degree. b. has both a husband and a wife who work full time. c. is headed by a person between the ages of 35 and 64. d. is all of the above.