Refer to Figure 4-1. If the market price is $3.00, what is the consumer surplus on the first ice cream cone?
A) $0.50 B) $1.00 C) $5.50 D) $9.00
A
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The largest component of the consumer price index is ________.
A. medical care B. transportation C. apparel D. housing
When economic profits are negative, accounting profits
A) must be positive. B) will be negative. C) will equal zero. D) could be positive, negative or zero.
Classical economists reject the idea that
a. more than one motive is involved in the demand for money b. a change in the money supply cannot affect real GDP c. the transactions demand for money cannot influence the velocity of money d. the velocity of money is variable e. the economy always operates at full employment
It is costly to purchase a new car every two or three years because
A) the financing cost is significantly higher for a new car than for a used one. B) the gasoline tax for the fuel of a new car is generally higher than for a used one. C) the maintenance cost of a new car is generally higher than for a used one. D) a new car will depreciate rapidly in value during the first few years of use.