If you are willing to purchase a house for $300,00 . and you purchase the house for $275,000 . this transaction will generate:
a. There is no surplus created
b. $25,00 . worth of seller surplus and unknown amount of buyer surplus
c. $10,00 . worth of buyer surplus and $15,00 . of seller surplus
d. $25,00 . worth of buyer surplus and unknown amount of seller surplus
d
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To achieve allocative efficiency, one must compare the
A) marginal cost of a good to its opportunity cost. B) opportunity cost to the attainable point on the production possibilities frontier. C) marginal benefit of a good to its marginal cost. D) marginal cost to the production efficiency cost. E) point of production efficiency to the point of allocative efficiency.
If a budget deficit is the result of expenditures for programs such as farm subsidies and Social Security, the burden on future generations is slight
a. True b. False Indicate whether the statement is true or false
In understanding and analyzing "demand," we focus on how much of a product the buyers are
A. willing and wanting to buy at different prices. B. actually buying now and in the recent past at various prices. C. willing and able to buy at different prices. D. willing and able to buy with their given income.
Since the government has been paying out farm subsidies
A. the number of family farms has increased by about 40 percent. B. the number of family farms has increased by 10%. C. the number of family farms has decreased by 10%. D. the number of family farms has decreased by 70 percent.