The difference between what consumers have to pay for a particular and what they are willing to pay is known as
A) consumer surplus.
B) producer surplus.
C) deadweight costs.
D) deadweight surplus.
A
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The ________ is when society enforces property rights, contracts, and other rules based on an established set of laws.
A. rule of one B. rule of man C. rule of law D. rule of force
The curvature of the production function shows that as employment increases, the productivity of labor
A) remains positive and increases. B) remains positive but decreases. C) decreases and becomes negative. D) remains constant.
Which of the following is NOT a way to signal high quality
a. wearing a business suit on a job interview b. leaving a big tip for the waiter after a dinner date c. offering a cheap engagement ring to your bride d. Visiting the beauty salon before a big date
Figure 18.1Refer to Figure 18.1. The opportunity cost of hang gliders in the United States is:
A. 1/4 of a bicycle. B. 1/3 of a bicycle. C. 3 bicycles. D. 4 bicycles.