Refer to the scenario above. Which of the following will be true if Alice stops the auction at $30,000?
A) She will earn zero consumer surplus.
B) She will earn a consumer surplus of $5,000.
C) She will earn a consumer surplus of $30,000.
D) She will earn a consumer surplus of $16,000.
A
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A decrease in the price of a good will result in a decrease in supply.
a. true b. false
In game theory, actions such as cheating that focus solely on short-run gains are referred to as
A. predatory behavior. B. opportunistic behavior. C. tit-for-tat strategic behavior. D. territorial behavior.
If marginal revenue is less than marginal cost, the firm should
A. raise marginal revenue. B. decrease its rate of output. C. increase its rate of output. D. raise price.
Since 1970, the annual inflation rate in the U.S. has been about 9.7 percent or more.
Answer the following statement true (T) or false (F)