Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be
A) $0. B) $14. C) $26. D) $53.
C
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We cannot be certain that a general sales tax will decrease labor supply because _____
a. of the effect of lower income on labor supply b. of the effect of higher tax revenue on consumption c. of the effect of the sales tax on labor supply d. we do not know about labor demand
Supply-side policy suggests that if we _______ taxes of workers, the _________ labor will increase, causing equilibrium wages to ________
a. raise, supply of, decrease b. cut, supply of, increase c. raise, demand for, increase d. cut, supply of, decrease
Chronic trade deficits lead to a growing public debt
a. True b. False Indicate whether the statement is true or false
The demand for borrowed funds is a derived demand
a. True b. False Indicate whether the statement is true or false