College textbooks are marketed to faculty for adoption by
A. paying them money to use the book.
B. giving it to them free of charge.
C. selling it to them for the full price.
D. selling it to them for half price.
Answer: B
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A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
If the market price of grills increases from $310 to $350, given the scenario described: A. total consumer surplus would fall by $120. B. total consumer surplus would fall by $90. C. Collin and Butch would experience a decrease in consumer surplus, but Abe's consumer surplus would rise. D. Collin would experience a decrease in consumer surplus, but Abe and Butch would experience a rise in consumer surplus.
Which of the following characteristics does perfect competition have in common with monopolistic competition?
a. price-taking firms b. homogeneous products c. no barriers to entry d. horizontal demand curve e. neither market advertises
Claire is on her way to her job at a call center where she was planning on spending three hours. She can drop in and work any hour she wants to and earn $12 per hour. Her friend calls and invites her to spend the next three hours bungee jumping. Claire decides to go with her friend, which tells us Claire's opportunity cost of working for three hours is:
A. greater than $36. B. greater than $12. C. less than $36. D. less than $12.
If an insurance policy is actuarially fair, then:
A. M = ?(1 - B) B. ? = B(1 - M) C. B = M(1 - ?) D. M = B(1 - ?)