Under autarky, the equilibrium price is_____, the consumer surplus is_____and th
ID: 1211898 • Letter: U
Question
Under autarky, the equilibrium price is_____, the consumer surplus is_____and the producer surplus is_____. In comparing China to Canada, China's relatively_____growth rate in GDP would make you more likely to take a job in China, and China's relatively_____level of GDP would make you less likely to take a job in China. Which of the following is considered a durable good? Write the word or phrase that best completes each statement or answers the question. Debble makes porcelain plates in her home and sells them to the Opus gallery. She spent $400 last month on supplies and made 50 plates. She sold the plates to the gallery at $25 per plate. The gallery sells all the plates for $40 each. For all of the 50 plates, what is Debbie's total value added? For all the 50 plates, what is the gallery's total value added? The underground economy can be described asExplanation / Answer
17.
The equilibrium price is $30. This is the point where demand and supply intersects.
Consumer surplus is the area R. This is the triangular area bounded by the vertical axis, demand curve, and the equilibrium price.
Producer surplus is the area S + V. This is the area bounded by the vertical axis, supply curve, and the equilibrium price.
Answer: B
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