If a buyer enjoys a consumer surplus of $25 when he purchases a good for $50, his willingness to pay for the good is ________
A) $2
B) $25
C) $50
D) $75
D
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Which of the following would be most likely to induce Congress and the president to conduct expansionary fiscal policy? A significant
A) increase in net exports. B) decrease in investment spending. C) decrease in oil prices. D) increase in consumption spending.
Complete the following table and determine the point of profit maximization. ? Quantity TotalRevenue MarginalRevenue TotalCost MarginalCost Profit 100 500 _____ 200 _____ _____ 101 504.95 _____ 204.50 _____ _____ 102 509.85 _____ 209.10 _____ _____ 103 514.70 _____ 213.80 _____ _____ 104 519.50 _____ 218.60 _____ _____ 105 524.25 _____ 223.50 _____ _____ 106 528.95 _____ 228.50 _____ _____ 107 533.60 _____ 233.60 _____ _____ 108 538.20 _____ 238.80 _____ _____ 109 542.75 _____ 244.10 _____ _____ 110 547.25 _____ 249.50 _____ _____
What will be an ideal response?
All of these could be sources of economies of scale except
a. Investment in more efficient technology b. Specialization c. A bottleneck procedure d. Discounts on bulk purchase of inputs
If price exceeds average total cost in the short run, then in the long run the market demand curve will shift to the right
a. True b. False