The cost of producing a good or service that is paid by people other than the producers is
A) the marginal cost.
B) represented by the demand curve.
C) represented by the supply curve.
D) an external cost.
D
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Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $20
A) the total consumer surplus from the purchase of tickets will be $122. B) only Violet and Walter will buy tickets. C) Xavier's consumer surplus is $50. D) everyone will buy a ticket except for Zachary.
In the 20th century, one of the icons of achievement was ___________ who flew the first plane over the Atlantic Ocean, nonstop, from the U.S. to Europe
a. James Fichon b. F. Scott Fitzgerald c. Charles Lindbergh d. Eleanor B. Earhart
In the Keynesian model, an aggregate demand shock
A) will cause the aggregate demand curve to shift, leading to a change in the price level and real GDP. B) will cause the aggregate demand curve to shift, leading to a change in the price level but not real GDP. C) will cause the aggregate demand curve to shift, leading to a change in real GDP but not the price level. D) will not lead to a shift of the aggregate demand curve.
If the bidders at an oral auction have true values of $8, $7, $6, and $5, the item will sell for
a. $8 b. $7 c. just over $7 d. just under $7