An individual's ________ surplus is the area ________ the ________ curve and above the ________ up to the quantity ________
A) consumer; under; demand; market price, the consumer buys.
B) producer; under; supply; market price, the producer sells.
C) consumer; above; supply; choke price, the consumer buys.
D) producer; supply; under; choke price, the producer sells.
A
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Happy Campers and Camping R Us are in tacit collusion to cooperate and each charge a high price for their campers. If Happy Campers initially cooperates with Camping R Us, but then switches and charges a low price and Camping R Us responds by forever charging a low price, this is an example of ________.
A) a one -shot game B) a trigger strategy C) a dominant strategy D) a tit-for-tat strategy
The Social Security system in the United States today is
a. actuarially sound. b. composed of a private pension fund into which workers have paid and who will withdraw their invested funds upon retirement. c. currently in no danger of running out of money in the long run. d. no longer a "pay as you go" system.
Ginger earns an income of $2,000 a week and goes out to dinner 4 times a week. If her income increased to $2,100 she would go out to dinner 5 times a week. Ginger's income elasticity of demand is
A. -0.22 B. 0.22 C. 4.56 D. 2.28
Related to the Economics in Practice on p. 673: Protectionism of the kind that is suggested in the petition of the candle makers would most likely result in
A. lower production cost. B. lower consumption. C. more efficient production. D. lower prices.