?
In Exhibit 3-11, in Panel A the movement from point A to point C describes a(n):
A. ambiguous change in price and a decrease in quantity.
B. increase in price and an ambiguous change in quantity.
C. increase in both price and quantity.
D. decrease in both price and quantity.
Answer: D
Economics
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The figure above shows the market for milk. If the efficient quantity of milk is produced, the consumer surplus is
A) $100. B) $400. C) $200. D) $600.
Economics
To achieve the efficient amount of use of a common resource, the use should be such that ________ equals ________
A) marginal social cost; marginal private cost B) marginal social cost; marginal social benefit C) marginal social benefit; marginal private cost D) marginal private cost; marginal private benefit
Economics