Pat bought a new car for $15,500 but was willing to pay $24,000 . The consumer surplus is
a. $8,500.
b. $15,500.
c. $24,000.
d. $39,500.
a
You might also like to view...
Suppose that an industry consists of 10 firms, and the top 4 firms have annual sales of $2.5 million, $2 million, $1.5 million, and $1 million, respectively
If the entire industry has annual sales of $10 million, the four-firm concentration ratio is A) 85 percent. B) 50 percent. C) 10 percent. D) 70 percent.
We call costs that fall directly on an economic decision maker:
A. social costs. B. external costs. C. network costs. D. private costs.
The job finding rate
A. equals 1 minus the job loss rate. B. remains constant over the business cycle. C. rises in expansions. D. rises in recessions.
If it costs Con Ed approximately $26 per additional ton of air pollution abated, but it costs PG&E only $18 per additional ton of air pollution abated, the two companies could both benefit from trading a marketable pollution permit at any price between
A. $0 per ton and $18 per ton. B. $18 per ton and $26 per ton. C. $0 per ton and $26 per ton. D. $26 per ton and $36 per ton.