Connie can clean windows in large office buildings at a cost of $1 per window. The market price for window-cleaning services is $3 per window. If Connie cleans 100 windows, her producer surplus is $100
a. True
b. False
Indicate whether the statement is true or false
False
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In game theory, strategies include ________
A) all possible actions of each player B) only the winning action of each player C) all possible actions and payoffs of each player D) the payoff matrix
A demand curve shows the relationship between
a. price and quantity demanded b. the demand and supply schedules c. demand and supply equilibrium d. leakages and injections e. price and technology
If, with one unit of labor, the U.S. can produce 20 units of computer software and 10 units of computer hardware, and China can produce 5 units of software and 5 units of hardware, then
A. the United States has a comparative and absolute advantage in both goods. B. China has a comparative advantage in hardware and the U.S. has a comparative advantage in software. C. the United States has a comparative advantage in both goods. D. China has a comparative and absolute advantage in both goods.
If there is allocative efficiency in a purely competitive market for a product, the maximum price consumers are willing to pay is:
A. Less than marginal benefit B. Greater than marginal cost C. Equal to the amount of efficiency or deadweight losses D. Equal to the minimum price producers are willing to accept