If Niki is willing to pay up to $5 for an ice-cream bar but she actually pays $2 for it. The consumer surplus of the ice-cream bar for Niki
A) is $2.
B) is $3.
C) is $7.
D) cannot be determined without information about the market structure.
B
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In a competitive market, a decrease in consumer demand leads to
a. a decrease in output b. an increase in output c. economic profits d. higher prices e. technological innovation
The monopolist's demand curve is ______ that of the perfect competitor; the monopolist's marginal revenue curve is ______ that of the perfect competitor.
A. identical to; identical to B. different from; different from C. identical to; different from D. different from; identical to
Use the above table and assume a fixed cost of $200. At an output of 0, total cost is
A. 0.
B. $100.
C. $200.
D. $300.
Answer the following statements true (T) or false (F)
1) Refer to the given data. In 2008 Transylvania realized a $1 billion surplus on goods and services.
2) Refer to the given data. In 2008 Transylvania was a net recipient of transfers from the rest of the world.
3) Refer to the given data. Foreigners made a larger volume of asset purchases in Transylvania in 2008 than Transylvanians made asset purchases abroad.
4) Refer to the given data. Transylvania realized a financial and capital account deficit in 2008.
5) R