Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a theater ticket. If the price of one of the tickets is $10
A) only Anya and Basil will buy tickets.
B) Celeste's consumer surplus is $25.
C) the total consumer surplus from the purchase of tickets will be $61.
D) everyone will buy a ticket except for Esther.
D
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A budget deficit will be least inflationary if the aggregate
a. demand curve is very steep. b. demand curve is very flat. c. supply curve is very flat. d. supply curve is very steep.
The aggregate-demand curve
a. has a slope that is explained in the same way as the slope of the demand curve for a particular product. b. is vertical in the long run. c. shows an inverse relation between the price level and the quantity of all goods and services demanded. d. All of the above are correct.
Jody has purchased a non-refundable $75 ticket to attend a Miley Cyrus concert on Friday night. Subsequently, she is asked to go to out dinner at no expense to her. If she uses cost-benefit analysis to choose between going to the concert and going out to dinner, the opportunity cost of going out to dinner should include:
A. only the cost of concert ticket. B. neither the cost of the ticket nor the entertainment value of the concert. C. only the entertainment value of the concert. D. the cost of the ticket plus the entertainment value of the concert.
The marginal revenue product of labor curve will always shift to the left if
A. product demand increases and product price increases. B. the price of capital falls. C. the wage rate falls. D. product demand decreases and product price decreases.