In the above figure, the distance between points T and U represents
A) an expansion.
B) a trough.
C) a peak.
D) a recession.
A
Economics
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Kelly is willing to pay $5.20 for a gallon of gasoline. The price of gasoline at her local gas station is $3.80 . If she purchases ten gallons of gasoline, then Kelly's consumer surplus is
a. $1.40. b. $14. c. $3.80. d. $52.
Economics
If a binding price ceiling were placed in the market in the graph shown:
A. the supply curve would have to shift. B. quantity supplied would exceed quantity demanded. C. quantity demanded would exceed quantity supplied. D. the demand curve would have to shift.
Economics