Which of the following is the best definition of what economists define as total income?
A) payment for labor services
B) payment for labor services and for ownership of other factors of production
C) payment for labor services, for use of other factors of production, and gifts and government transfers
D) inheritance
C
Economics
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In the above figure, if the market produces the efficient amount of purses then producer surplus equals triangle
A) abc. B) bcd. C) adc. D) dce.
Economics
Suppose a market begins in equilibrium. If supply increases, then at the original equilibrium price the quantity demanded is
A) is less than the quantity supplied and a surplus results. B) is less than the quantity supplied and a shortage results. C) exceeds the quantity supplied and a surplus results. D) exceeds the quantity supplied and a shortage results.
Economics