A used car was recently priced at $20,000.00. Seeing the car, Bobby thought, "It's nice, but if I have to pay more than $19,500 for this car, then I would rather do without it." After negotiations, Bobby purchased the car for $19,250.00
His consumer surplus was equal to A) $19,500.00.
B) $1,750.00.
C) $250.00.
D) $0.00.
C
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Answer the following statement(s) true (T) or false (F)
1. The change in health, ecological, and property damages linked to environmental policy is known as incremental benefits. 2. An indirect gain to society attributable to environmental policy implementation is referred to as a primary environmental benefit. 3. Increased fish populations linked to water pollution policy would be a type of secondary environmental benefit. 4. In theory, the concept of incremental benefits refers to the change in MSB of environmental quality from a pre-policy level to a post-policy level. 5. If the MSB function for some measure of environmental quality were known, the change in TSB associated with a policy initiative could be measured by the area under the MSB between the pre- and post-abatement levels.
The vertical intercept of the consumption function equals ________ and the slope equals ________.
A. autonomous consumption; the MPC. B. the planned component of consumption; the unplanned component of consumption. C. the unplanned component of consumption; the planned component of consumption. D. the MPC; autonomous consumption.
The cross-price demand curve for Cobb-Douglas tastes is perfectly vertical.
Answer the following statement true (T) or false (F)
To address the shortage of physicians on the horizon, it will be necessary to
a. build more medical schools. b. provide more grants and scholarships for medical education. c. allow the admission of more foreign-educated physicians. d. all of these are true.