GLOBAL ECONOMICS wgu c211 exam with verified correct answers
wgu c211 exam with verified correct answers How is consumer surplus represented on a graph? - answer The area below the demand curve and above price which two statements define producer surplus? - answer the amount the seller is paid minus the cost of production and the area below the price and above the supply curve on a graph a painter spends 200 on paint. he then bills the homeowner 1,000 dollars to cover his expenses. what is the amount that gets added to gdp? - answer 1000 a us state purchases a fleet of new highway patrol vehicles manufactured in Japan, what correctly describes how it affects gdp - answer net exports decrease and government expenditures increase what will happen to the market and quantity in the short run if there is an increase in market demand in a perfectly competitive market? - answer the equilibrium price will increase, and the equilibrium quantity will increase what will happen to equilibrium quantity and price if both demand and supply increase? - answer quantity will decrease and price will decrease
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