A decrease in equilibrium price increases consumer surplus because existing consumers leave the market due to this change in price
a. True
b. False
Indicate whether the statement is true or false
False
Economics
You might also like to view...
Suppose the U.S. government encouraged new medical school graduates to take over existing practices from doctors wishing to retire by paying both the new and retiring doctors $100,000. These doctors would be exemplifying the economic idea that
A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.
Economics
Comment on the problem with this statement: “Of course, there are diminishing marginal returns from adding more workers to a fixed quantity of plant and equipment because additional workers are not as good as initial workers.”
Please provide the best answer for the statement.
Economics