When the competitive market is using its resources efficiently, the
A) total amount of consumer surplus is maximized.
B) total amount of producer surplus is maximized.
C) sum of the total amount of consumer surplus plus the total amount of producer surplus is maximized.
D) sum of the total amount of consumer surplus plus the total amount of producer surplus equals zero.
C
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Why would an organization as large as the National Football League (NFL) incur large legal expenses to try to prevent bars and restaurants from using their trademarked term "Super Bowl" in their advertising?
What will be an ideal response?
Most likely, the stock market crash in 1929 was triggered by ________
A) an autonomous tightening of monetary policy B) an unexpected increase in tax rates C) the rise of fascist political parties in Europe D) a decline in consumer spending
Show how the profit-maximizing rule for hiring resources is equivalent to the cost-minimizing rule
What will be an ideal response?
Sam has $500 saved up for his spring break. He also carries about $300 of debt on his credit card. By choosing not to pay off his credit card with his savings, Sam is:
A. recognizing that money is fungible. B. going to be poorer in the long run. C. acting rationally. D. None of these is true.