In the above figure, at the efficient quantity of CDs
A) total consumer surplus is zero.
B) total producer surplus is zero.
C) the sum of consumer surplus and producer surplus is maximized.
D) Both answers A and B are correct.
C
Economics
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When Al makes the statement, "The cost of living has increased 10 percent over the past 10 years," he is
A) making a normative statement. B) making a positive statement. C) testing an economic model. D) facing the standard of living tradeoff.
Economics
Which of the following is also known as the firm's planning curve?
a. the average total cost curve b. the total cost curve c. the long-run average cost curve d. the long-run marginal cost curve e. the fixed cost curve
Economics