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Question
Refer to the graph shown. When the market is in equilibrium, consumer surplus is equal to:
A. 500.
B. 1,000.
C. 1,500.
D. 2,000.
Answer
This answer is hidden. It contains 44 characters.
Related questions
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B. Gasoline is an inferior good.
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Government may not have an incentive to correct a market failure because: A. government doesn't have the information it needs to correct the market failure.
B. government reflects politics, which reflects individuals' interests in trying to gain more for themselves.
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B. market incentive plans.
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Adverse selection problems can occur when buyers and sellers have different amounts of information about a good for sale.
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If 1 Canadian dollar costs 0.60 U.S. dollar, 1 U.S. dollar costs: A. 0.40 Canadian dollar.
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One of the 10 sources of U.S. comparative advantage mentioned in the text is: A. religious diversity.
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Q:
If it takes you an hour to make a rational decision and the opportunity cost of that hour is $100, you will: A. always make rational decisions.
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Q:
Your opportunity cost of taking this course is: A. the tuition you paid for the course.
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Q:
Which of the following best defines rational behavior? A. Analyzing the total gains from a decision
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The table below shows how the marginal benefit of videotape rentals varies for Carol with the number rented per month. The price of each tape rental is reduced from $2.99 to $1.99. Assuming that the price of a rental accurately reflects the marginal cost to Carol and that she is rational, she will increase the number of tapes rented per month from: A. one to two.
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Q:
Mary buys cell-phone services from a company that charges $30 per month. For that $30 she is allowed 600 minutes of free calls and then pays 25 cents per minute for any calls above 600 minutes. Mary has used 600 minutes this month so far. What is her marginal cost per minute of making additional calls? A. 25 cents
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Q:
Alexandra has determined that studying an hour for her economics quiz will improve her grade on the quiz from 75 to 100. She also determines that this improvement is worth $20. To study for an hour for her economics quiz, however, she will have to work one fewer hour at her part-time job. Alexandra should: A. study for the quiz as long as her hourly wage rate is less than $20.
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Q:
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When a country runs a trade deficit, it does so by: A. borrowing from foreign countries or selling assets to them.
B. borrowing from foreign countries or buying assets from them.
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If Americans suddenly wanted European products because they were deemed more fashionable, the: A. demand curve for the euro would shift right.
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All of the following would cause the yen (currency of Japan) to appreciate except: A. the discovery of a vegetable only grown in Japan that could be used as biofuel.
B. increased interest rates on Japanese financial assets.
C. a decrease in Japanese income.
D. a new, global trend for Japanese sushi.