What impact does an increase in price have on consumer surplus?
a. Increases it
b. Decreases it
c. Depends on the amount of the price change
d. Will not affect consumer surplus
b
Economics
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Suppose there is a 30% chance that an oil spill will occur in an area and the economic damage of the potential spill is $1 million. What is the expected value associated with the spill?
a. $3,000,000 b. $1,000,000 c. $300,000 d. $30,000 e. $3,000
Economics
Providing training for unemployed individuals is primarily intended to reduce
a. frictional unemployment. b. seasonal unemployment. c. structural unemployment. d. cyclical unemployment.
Economics