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Use the following to answer questions 35-36:
Figure 3.12
-(Figure 3.12) The quota causes consumer surplus to:
Maximum Output Level
The highest quantity of goods or services an economy or enterprise can produce using its current resources and technology.
Cyclical Unemployment
When people are out of work because the economy is operating below the full-employment level. It rises sharply during recessions.
Classical Economists
Economists from the late 18th and early 19th centuries who focused on the development of concepts like supply and demand, and the invisible hand theory.
Market Economy
A type of economic system where supply and demand determine the production of goods and services with minimal government intervention.
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