Which of the following statements best describes the concept of consumer surplus?
A) "I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69."
B) "Target was having a sale on tube socks so I bought 5 pairs."
C) "I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5."
D) "I was going to pay $200 for new sunglasses that I had seen at the Oakley store but I ended up paying only $140 for the same sunglasses."
D
You might also like to view...
A tit-for-tat strategy can be used in
A) a single-play game or a repeated game. B) a single-play game but not a repeated game. C) a repeated game but not a single-play game. D) neither a repeated game nor a single-play game.
Under a flexible exchange rate system, an increase in the value of a domestic currency in terms of other currencies is referred to as
A) an appreciation. B) a depreciation. C) a devaluation. D) a revaluation.
Increased government spending on unemployment insurance during a recession is an example of:
A. an automatic stabilizer. B. discretionary fiscal policy. C. expansionary fiscal policy. D. contractionary fiscal policy.
Even when racetrack bettors know very little about the characteristics of horses, why are their aggregate bets often good estimates of the true probabilities of winning, placing, and showing?