Suppose your own demand curve for tomatoes slopes downward. Suppose also that, for the last tomato you bought this week, you paid a price exactly equal to your willingness to pay. Then
a. you should buy more tomatoes before the end of the week.
b. you already have bought too many tomatoes this week.
c. your consumer surplus on the last tomato you bought is zero.
d. your consumer surplus on all of the tomatoes you have bought this week is zero.
c
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Suppose Tammy grew up on a farm and is very good at plowing. In addition suppose she is a popular country singer who earns $4,000 per performance. If her husband Bob can plow (but not as well as Tammy) but he can't carry a tune, then it would be most efficient if
a. Tammy did both the plowing and the singing. b. Tammy specialized in plowing and Bob in singing. c. Bob did both the plowing and singing. d. Tammy specialized in singing and Bob in plowing. e. They both plowed and sang.
The MPC and MPS measure changes in consumption expenditure and saving that result from changes in
A. expected inflation B. disposable income C. expected future income D. government expenditures on goods and services.
The reasons to study economics include which of the following?
A. to learn a way of thinking B. to understand society C. to be an informed citizen D. all of the above
The majority of minimum wage workers are
A. middle aged. B. trying to support a family. C. young people who are not supporting families. D. older workers who are retired.