Consumers' surplus is the difference between the price

A) sellers receive for a good and the maximum price they would have paid for the good.
B) sellers receive for a good and the minimum price for which they could have sold the good.
C) buyers pay for a good and the maximum price they would have paid for the good.
D) buyers pay for a good and the minimum price for which they would have sold the good.

C

Economics

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You have the following demand equation for a pack of cigarettes: Q = 200 - 0.30P with the average quantity 3 packs and average price $3.00 per pack. What is the price elasticity?

A) 0.30 B) -0.30 C) 1.0 D) -1.0

Economics

Monetary policy loses its effectiveness in all of the following situations EXCEPT

A) when the IS curve is vertical. B) when the LM curve is nearly horizontal. C) when interest rate controlled by the Fed reaches zero. D) when the IS curve is horizontal.

Economics