Author Question: The area below the demand curve and above the price line measures A) consumer surplus. B) ... (Read 47 times)

go.lag · **on:** Jul 1, 2018

The area below the demand curve and above the price line measures

A) consumer surplus.
B) economic profit.
C) elasticity of demand.
D) the total value obtained from consuming the good or service.

Question 2

A lighthouse is a public good

A) because it doesn't cost any more to light the way for 105 ships than it does to light the way for 104 ships, but for no other reason.
B) because there is no way to prevent those who haven't contributed to the lighthouse from seeing better because of it, but for no other reason.
C) because the government produces it, and for no other reason.
D) for the reasons in A and B together.
E) for the reasons in A, B, and C together.