Refer to Figure 4-3. If the market price is $3.50, what is the consumer surplus on the first ice cream cone?
A) $0 B) $0.50 C) $3.50 D) $9.00
A
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The distinction between physical and financial capital is that
A) physical capital is equal to financial capital minus depreciation. B) financial capital depreciates and physical capital does not. C) the value of financial capital depends on the amount of available physical capital. D) physical capital is equal to financial capital plus depreciation. E) financial capital is used to purchase and operate physical capital.
What are three primary reasons for the growth of international trade over the past 50 years?
What will be an ideal response?
Production and exchange is beneficial as long as the demand curve lies below the supply curve
a. True b. False
Any time the economy is between a trough and a peak of the business cycle it is in a recovery phase
Indicate whether the statement is true or false