Suppose the price of a scientific calculator is $80. If Juan is willing to pay $100 for that scientific calculator, his consumer surplus when he purchases the calculator is:
A. $0.
B. $10.
C. $20.
D. $30.
Answer: C
You might also like to view...
Which of the following firms has unlimited liability?
A) only proprietorships B) only partnerships C) only corporations D) both proprietorships and partnerships
The slope of a nonlinear function at some particular point
a. is the slope of the straight line that is tangent to the function at that point. b. is the slope of the straight line connecting the origin and the point. c. cannot be determined. d. is constant for the entire function.
Something that would cause the long-run aggregate supply curve to shift to the right would be:
A. technological advance. B. discovery of a new oil reserve. C. increase in the growth rate of the labor force. D. All of these would shift the long-run aggregate supply curve to the right.
What happens to consumer surplus in the iPod market if iPods are normal goods and buyers of iPods experience an increase in income?
a. Consumer surplus decreases. b. Consumer surplus remains unchanged. c. Consumer surplus increases. d. Consumer surplus may increase, decrease, or remain unchanged.