Refer to the figure above. If a price control is imposed at $8, what is the new producer surplus in the market?

In 1973 and again in 1979, the Organization of Petroleum Exporting Countries (OPEC) raised the world price of crude oil and increased their revenue as well. Which of the following is a TRUE statement regarding these OPEC price hikes?

A) Their revenue increased because the demand for oil was income inelastic. B) Their revenue increased because the demand for oil was price inelastic. C) Their revenue would have increased regardless of income elasticity or price elasticity because oil is an imported product for most nations. D) Their revenue only increased because oil was already very expensive.

Which of the following explains the ability of the U.S. economy to avoid diminishing marginal returns and experience accelerating growth in the early to mid-20th century?

A) immigration B) additions of a greater amount of capital of the same quality C) a decrease in the quality of labor D) continuing technological change