Consumer surplus is the difference between the most that consumers would pay and ________
a. the actual amount they do pay
b. the amount they want to pay
c. the actual amount it costs to produce
d. none of the above
a
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Since a firm is willing to sell its product at the marginal cost and since the firm receives the market price, the difference between the two is:
a. consumer surplus. b. economic profit. c. marginal revenue. d. producer surplus. e. a shortage.
Which of the following is most likely to incorporate a great deal of economic rent?
a. sale of a bag of potato chips b. salary paid to an employee at the local Home Depot c. a soft drink sold by a vending machine d. sale of a rare stamp
How do we show the short-run impact of an increase in spending growth in our aggregate demand and aggregate supply model?
A. The AD curve shifts to the right, and inflation and real growth both decrease along the SRAS curve. B. The AD curve shifts to the right, and inflation and real growth both increase along the SRAS curve. C. The AD curve shifts to the left, and inflation and real growth both decrease along the SRAS curve. D. The AD curve shifts to the left, and inflation and real growth both increase along the SRAS curve.
Suppose your grandmother dies and leaves you $100,000. You are trying to figure out how long it will take for it to double in value, and you don't have a calculator handy. What concept would you use?
A. Future Value B. The Rule of 72 C. Present Value D. Internal Rate of Return