Consumer surplus is:
a. the area underneath the demand curve
b. the total utility derived from consuming a good.
c. the marginal utility of the last unit consumed multiplied by the number of units consumed.
d. the difference between what consumers are willing to pay and what they are required to pay for a good.
d
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The above (incomplete) table provides information about the relationships between labor and various product measures. The average product of the fourth unit of labor
A) exceeds the marginal product of the fourth unit of labor. B) is less than the marginal product of the fourth unit of labor. C) is equal to the marginal product of the fourth unit of labor. D) is equal to 4.0.
If the Herfindahl-Hirschman Index for an industry is 8,528, is the industry competitive or concentrated?
What will be an ideal response?
Which of the following is TRUE for a perfect price-discriminating monopoly?
A) P = MR for each unit sold B) P = ATC for each unit sold C) P = MC for each unit sold D) P > MC for each unit sold
The reserve-deposit ratio equals:
A. bank deposits divided by bank reserves. B. 10 percent of bank reserves. C. bank reserves divided by bank deposits. D. 10 percent of bank deposits.