In an unregulated, competitive market consumer surplus exists because some
A) sellers are willing to take a lower price than the equilibrium price.
B) consumers are willing to pay more than the equilibrium price.
C) sellers will only sell at prices above equilibrium price (or actual price).
D) consumers are willing to make purchases only if the price is below the actual price.
B
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If exchange rates are allowed to fluctuate freely and the US demand for Japanese yen increases which of the following will happen?
a. the US balance of trade deficit will worsen in the long run b. Americans will have to pay more for Japanese goods c. It will be more expensive for the Japanese to buy American real estate d. the dollar will appreciate e. more Americans will want to travel to Japan
In U.S. trade law, the ________ allows for the imposition of restrictions on fairly traded imports that cause or threaten harm to domestic industry
A) escape clause B) countervailing duty C) GATT D) fair trade law