Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![What is the consumer surplus when the price is $20?
40
35
30
25
20
15
10
10 20 30
Duantity
Select one:
O a. $500
O b. $1000
O. $20
O d. $50](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F906488fb-8e4b-4502-b41a-f422c91c7e72%2F337a3f11-9c41-499f-a15c-e987fc783634%2Ftqg4vsg_processed.png&w=3840&q=75)
Transcribed Image Text:What is the consumer surplus when the price is $20?
40
35
30
25
20
15
10
10 20 30
Duantity
Select one:
O a. $500
O b. $1000
O. $20
O d. $50
![Haiti had an unemployment rate of 21% in 2009 and in 2011 the unemployment rate decreased to
19%. How would this be illustrated on Haiti's production possibilities frontier?
Select one:
O a. From one point to a different point on its production possibilities frontier.
O b. To a point that was once unattainable.
O. Away from its production possibilities frontier toward a point closer to the origin.
O d. A point closer to but not on the production possibilities frontier.
O e. To a point where it specializes in producing only one product.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F906488fb-8e4b-4502-b41a-f422c91c7e72%2F337a3f11-9c41-499f-a15c-e987fc783634%2Fbm2u4hh_processed.png&w=3840&q=75)
Transcribed Image Text:Haiti had an unemployment rate of 21% in 2009 and in 2011 the unemployment rate decreased to
19%. How would this be illustrated on Haiti's production possibilities frontier?
Select one:
O a. From one point to a different point on its production possibilities frontier.
O b. To a point that was once unattainable.
O. Away from its production possibilities frontier toward a point closer to the origin.
O d. A point closer to but not on the production possibilities frontier.
O e. To a point where it specializes in producing only one product.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Consumer Surplus can be defined as the difference between what the consumer is willing to pay and what he actually pays.
Consumer Surplus = willing to pay - actually pay
Step by step
Solved in 4 steps
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