If Bill is willing to pay $10 for one good X, $8 for a second, and $6 for a third, and the market price is $5, then Max's consumer surplus is:
a. $24 b. $18.
c. $9 d. $6.
c
You might also like to view...
Your marginal utility of a third waffle is 10 and your marginal utility of a second piece of ham is 30 . If you eat the third waffle, which of the following must be true?
a. You are irrational. b. You prefer waffles. c. The price of a waffle is less than one third the price of a piece of ham. d. The price of a waffle is more than the price of a piece of ham. e. The price of a waffle is three times the price of a piece of ham.
Long lines and discrimination are examples of rationing methods that may naturally develop in response to a binding price ceiling
a. True b. False Indicate whether the statement is true or false
Albert’s idea about the buying preferences of low-income people in Chicago has been tested and accepted for the time being as accurate. It has become a(n) ______.
a. theory b. hypothesis c. correlation d. assumption
A labor union composed of workers in the same occupation is called
A) a craft union. B) an industrial union. C) a company union. D) a closed shop.