Consumer surplus:
a. does not exist in equilibrium.
b. is illustrated by the area under the demand curve and above the market price.
c. is illustrated by the area under the demand curve and below the market price.
d. is illustrated by the area above the supply curve and under the demand curve.
b
Economics
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The opportunity cost of money is
A) zero. B) the inflation rate. C) the real interest rate. D) the nominal interest rate.
Economics
The change in consumption divided by a change in income is called the:
a. consumption function. b. marginal propensity to consume. c. marginal propensity to spend. d. spending function. e. changing propensity to consume.
Economics