If a consumer places a value of $20 on a particular good and if the price of the good is $25, then the
a. consumer has consumer surplus of $5 if he buys the good.
b. consumer does not purchase the good.
c. price of the good will rise due to market forces.
d. market is out of equilibrium.
b
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Refer to Table 9-9. Fill in the following table with the opportunity costs of producing light bulbs and flash drives for Mexico and Canada
Light Bulbs Flash Drives Mexico Canada
Beginning from a position of long-run equilibrium at the full-employment level of real GDP, the economy's short-run response to a decrease in the aggregate demand curve would be a: a. movement upward along the short-run aggregate supply curve
b. movement upward along the long-run aggregate supply curve. c. downward shift in the short-run aggregate supply curve. d. movement downward along the short-run aggregate supply curve.