If a seller charges a buyer the exact price the buyer is willing to pay, then the buyer would
A) not buy the good.
B) receive the maximum consumer surplus.
C) receive no benefit from the good.
D) receive no consumer surplus from that unit of the good.
E) suffer a deadweight loss from buying the good.
D
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Output prices are irrelevant for a firm as it is calculating its cost curves.
Answer the following statement true (T) or false (F)
A worker that quits her job
A) is always counted among the unemployed. B) is never counted among the unemployed. C) will be counted among the structurally unemployed. D) may or may not be counted among the unemployed.
A benefit that accrues without compensation to someone other than the person who caused it is called:
A. an external benefit. B. a network benefit. C. a social benefit. D. a private benefit.
Which of the following facts about competitive ideas is true?
a. A successful competitive idea should be big in terms of investment. b. A competitive idea is usually built on a foundation of other ideas. c. A competitive idea should necessarily be scientific. d. A successful competitive idea must be original.