At equilibrium in a market for a product, the total revenues received by sellers equal the
A. market producer surplus.
B. total amount spent by buyers on the product.
C. market consumer surplus.
D. total profit of sellers.
Answer: B
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Refer to Figure 12-5. The figure shows the cost structure of a firm in a perfectly competitive market. If the firm's fixed cost increases by $1,000 due to a new environmental regulation, what happens to its profit-maximizing output level?
A) It remains the same. B) It decreases. C) It increases. D) It could increase, decrease, or remain constant, depending on whether the firm is able to cut costs somewhere else.
When the equilibrium dollar price of a foreign currency decreases due to changes in demand for or supply of the foreign currency, the domestic currency
A) has appreciated. B) has depreciated. C) is overvalued. D) is undervalued. E) is revalued.