As a Consequence of the Influenza Epidemic

question 9

Multiple Choice

As a consequence of the influenza epidemic,

• A) many Americans refused to interact with friends and neighbors.
• B) 400,000 African Americans migrated from the South to the North.
• C) agricultural products and other foodstuffs were rationed.
• D) hundreds of foreigners were arrested and deported by the federal government.

Recognize the effects of price floors and price ceilings on consumer surplus.

Interpret graphical representations of changes in consumer surplus due to price changes.

Identify the impact of income changes on consumer surplus for normal and inferior goods.

Understand the concept of producer surplus and how market conditions influence it.

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Definitions:

Marginal Utility

The additional satisfaction a consumer gains from consuming one more unit of a good or service.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choice.

Consumption Time

The duration or period during which a consumer utilizes or enjoys a product or service.

Opportunity Cost of Time

The cost associated with forgoing the next best alternative when one chooses to spend time on a specific activity.