Refer to the figure above. What is the gain in the market-wide consumer surplus when the price of calculators changes from $6 to $3?

How does aggregate demand curve (AD) differ from an individual demand curve (D)?

A) AD is generally vertical while D is usually downward sloping. B) D represents the price-quantity relationship for a single good or service while AD looks at the entire economic system. C) AD is generally a downward sloping curve while D usually slopes upward. D) Look for D in macroeconomic analyses and for AD in microeconomics.

Why might infant industry protection of the Chinese automobile industry be considered successful?

a. Many foreign auto producers established operations in China behind the high infant industry tariff protection. b. The tariff rate on Chinese imports of automobiles fell from 260% in the early 1980s to about 25% today. c. Chinese demand for automobiles increased dramatically in the past 20 years. d. China has become the world's second largest consumer of autos.