Consumer surplus is the difference between the minimum amount a person would be willing to pay for a good and the amount the person actually paid
Indicate whether the statement is true or false
F
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In the short run, consumers typically ____ to price changes (when compared to the long run)
a. are very responsive b. are more demand sensitive c. are less demand sensitive d. do not respond at all e. overreact
Entrepreneurs should always
A) be the first mover B) have a brand name C) seek economic profit D) seek accounting profit
Among the following MPC values, which one would have the highest multiplier effect?
a. 1/3 b. 2/3 c. 3/4 d. 2/5
Capital gains are those gains
A. earned from selling an asset prior to its maturity date. B. earned from avoiding tax payments by understating earnings from capital assets. C. earned from purchasing an asset for less than what it is actually worth. D. earned from selling an asset for a price more than what was paid for it.