Katherine is willing to pay $75 for a purse. If she receives a consumer surplus of $25, the market price of the purse is _____
a. $50
b. $100
c. $25
d. $75
a
You might also like to view...
The sudden explosion of cheap and readily available mortgages encouraged people to:
A. buy bigger and better homes. B. become less risk-averse. C. become more risk-averse. D. securitize their investments.
In the U.S., the National Labor Relations Board is the government agency that enforces workers' right to unionize
a. True b. False Indicate whether the statement is true or false
Tiffany gives $50 to Jeremy for his birthday. This is an example of a(n)
A) involuntary transfer. B) involuntary-voluntary transfer. C) voluntary transfer. D) gift. E) c and d
Producer surplus is:
A. the difference between the highest market price consumers are willing to pay for a product and the minimum amount producers are willing to accept for that product. B. the difference between the market price consumers are willing to pay for a product and the actual price they pay. C. the price a producer receives for a product minus the marginal cost of production. D. the economic profit earned from the sale of a good, minus its marginal cost of production.