EBK ESSENTIALS OF ECONOMICS
EBK ESSENTIALS OF ECONOMICS
7th Edition
ISBN: 8220102452107
Author: Mankiw
Publisher: CENGAGE L
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Chapter 7, Problem 4QCMC
To determine

The impact of efficient allocation of resources.

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An efficient allocation of resources maximizesa. consumer surplus.b. producer surplus.c. consumer surplus plus producer surplus.d. consumer surplus minus producer surplus
When an economist refers to "an efficient allocation of resources," she typically means is maximized. Select one: a. consumer surplus, but not producer surplus b. producer surplus, but not consumer surplus C. the sum of consumer and producer surplus d. consumer surplus minus producer surplus
If the market demand for a product shifts to the right (parallel to the first demand curve), which of the following is correct? A. producer surplus and consumer surplus both decrease. B. producer surplus increases, consumer surplus decreases C. producer surplus decreases, condumer surplus increases. D. producer surplus and consumer surplus both increase
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