The above figure shows the market demand curve for mobile telecommunications (time spent on a mobile phone). If the price were $2.50, consumer surplus equals
A) $301.00.
B) $924.50.
C) $1,225.50.
D) $0
D
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The table above shows the payoff matrix for a prisoners' dilemma game. The Nash equilibrium is that
A) both prisoners do not confess. B) both prisoners confess. C) prisoner A confesses while prisoner B does not confess. D) prisoner A does not confess while prisoner B confesses.
If the MPC = 0.80, the tax multiplier is
A) -2. B) -4. C) -5. D) -8.
The demand for a product is likely to be more elastic
A. the shorter the time the consumer has to adjust to price changes. B. the lower the price of the good. C. the fewer the number of good substitutes. D. the less the essential nature of the good.
If private bargaining to resolve an externality is to result in an efficient outcome,
A. the initial assignment of rights must be clear to both parties. B. there must be direct regulation of externalities. C. rights must be protected by liability rules. D. there must be tradable pollution rights.