What is the amount that individuals would have been willing to pay, minus the amount that they actually paid?
a. efficiency
b. consumer surplus
c. social surplus
d. deadweight loss
b. consumer surplus
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The above table has data from the nation of Media. Based on these data, the marginal propensity to consume is
A) 0.67. B) 0.25. C) 1.33. D) 1.50. E) 0.75.
Refer to Figure 4.2. The dominant strategy for Ferris is to
A) go to the movie theater. B) go to the bowling alley. C) go to either the movie theater or to the bowling alley. D) Ferris does not have a dominant strategy.
The idea that all potentially available alternatives can be ordered according to a consumer's preferences is called:
A. the consumption principle. B. the ranking principle. C. the choice principle. D. the more-is-better principle.
How many prices would a trader of a particular good need to know in a barter economy with 20 goods?
A. 100 B. 40 C. 20 D. 190