In the above figure, equilibrium expenditure is equal to

A) $5 trillion.
B) $10 trillion.
C) $20 trillion.
D) $15 trillion.
E) None of the above answers is correct

D

Economics

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Externalities cause the market mechanism to allocate goods and resources inefficiently because

a. nonconsenting third parties are generally not hurt by externalities. b. producers and consumers ignore signals given by the competitive market. c. prices are always higher than they should be. d. competitive markets fail to give producers and consumers correct price signals.

Economics

The condition in which an individual consumer's budget is exhausted and the last dollar spent on each good yields the same marginal utility is called ________ ________

a. marginal utility b. consumer surplus c. consumer equilibrium d. total utility

Economics