Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5 - (1/2)q where p is price in $ per hour and q is hours per month. The firm faces a constant marginal cost of $1. Potential consumer surplus equals
A) $4.
B) $8.
C) $16.
D) $32.
C
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Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in demand and an increase in quantity supplied are represented by a movement from
A) point b to point d. B) point d to point a. C) point c to point d. D) point b to point a.
Which of the following will cause a movement upward along a supply curve?
a. Increases in raw-material costs. b. Increases in labor costs. c. Increases in the cost of machinery. d. Increases in the market price of a good, other things being equal.
Henri earned a salary of $50,000 in 2001 and $60,000 in 2012 . The consumer price index was 177 in 2001 and 225 in 2012 . Henri's 2001 salary in 2012 dollars is
a. $39,333.33. b. $74,000.00. c. $89,333.33. d. $63,559.32.
What are the two largest sources of revenue for the average US state govt?
a. sales taxes and excise taxes b. corporate income taxes and property taxes c. property taxes and US import tariff revenues (taxes on imported goods) d. income taxes and sales taxes