The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the change in consumer surplus associated with a minimum floor price of $40?

Which prices are used to measure goods and services in calculating the nominal GDP?

A) average prices B) past years prices C) current prices D) projected prices

Unlike a perfectly competitive firm, for a monopolistically competitive firm

A) price ? marginal cost for all output levels. B) price ? average revenue for all output levels. C) price ? marginal revenue for all output levels. D) marginal revenue = marginal cost at the profit-maximizing output.