Charlene is willing to pay $5.00 for a sandwich. If Charlene must pay ________ for a sandwich, she ________
A) $4.00; does not receive consumer surplus
B) $4.00; receives consumer surplus
C) $6.00; receives consumer surplus
D) $6.00; receives a marginal cost
B
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The shifts in aggregate demand and aggregate supply as a result of the housing bubble collapse caused output to:
A. fall dramatically immediately. B. stay the same, since the shifts worked in opposite directions. C. rise temporarily, then fall. D. fall at a relatively slow rate over time.
The demand for heart surgery is price inelastic. So it follows that
A. changes in price do not affect the number of operations demanded. B. the percentage change in price is less than the resulting percentage change in quantity demanded. C. if the price of heart surgery increases, total expenditure by consumers on heart surgery will rise. D. both a and b E. all of the above
Analysis that involves value judgments about economic policies is
A. microeconomics. B. normative economics. C. positive economics. D. macroeconomics.
According to _______________, if you suddenly won the lottery, you would only spend a small part of your winnings right away.
A. John Kenneth Galbraith B. Thorstein Veblen C. Milton Friedman D. Murray Weidenbaum