Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for $12,000, her ________ would be ________.
A. cost; $15,000
B. economic surplus; $12,000
C. benefit; $12,000
D. economic surplus; $3,000
Answer: D
You might also like to view...
Economic variables whose values are measured in monetary units are called
a. dichotomous variables. b. nominal variables. c. classical variables. d. real variables.
A point on the frontier of the production possibilities curve is:
A. attainable and the economy is efficient. B. unattainable and the economy is inefficient. C. unattainable, but the economy is efficient. D. attainable, but the economy is inefficient.
By reducing consumption expenditures, poor nations should be able to completely finance their own capital investment.
Answer the following statement true (T) or false (F)
Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units
What is the value of economic surplus in this market? A) $600 thousand B) $1,050 thousand C) $1,500 thousand D) $2,100 thousand