Do all consumers in a competitive market receive the same level of consumer surplus? Explain with an example
What will be an ideal response?
The amount of consumer surplus that each consumer enjoys will depend on the market price and the consumer's willingness to pay, which is derived from his or her individual demand curve. Thus, in a market where all consumers pay the same price, the higher an individual consumer's willingness to pay, the greater his consumer surplus. Suppose you and your friend were both buying French fries, but you like them much more than your friend does. Your consumer surplus in this case will be higher than your friend's because your willingness to pay for them is higher.
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The unemployment rate measures the percentage of
A) people who want full-time jobs, but can't find them. B) the working-age population who can't find a job. C) people in the labor force who can't find a job. D) the working-age population that can't find a full-time job. E) employed people who can't find a job.
Which of the following is most likely to have declining opportunity costs?
A) a delivery van B) an apartment building in Manhattan C) an acre of land in San Francisco D) a park in downtown London
In economics, which of the following is considered part of "land"? a. A 500 acre forest
b. bauxite deposits. c. underground pools of crude oil. d. All of the above except a. are included in the category, "land.".
A gas tax holiday would
A. affect the level of congestion on roads. B. affect the market for air travel. C. affect the market for gasoline. D. All of the above are correct.