Consumer surplus is the:

a. amount by which the quantity supplied of a good exceeds the quantity demanded of a good.
b. measure of consumes' willingness to buy a good plus the price of the good.
c. measure of how much consumers value a good.
d. amount consumers are willing to pay for a good minus the amount the consumers actually pays for it.


d

Economics

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Money is:

A. the sum of assets minus debts. B. the same as income. C. all financial assets. D. any asset used to make purchases.

Economics

The prisoners' dilemma is

A) an example of a duopoly game. B) a theory about why firms break the law. C) competition that can occur among firms in monopolistic competition. D) an example of the monopolist charging high prices. E) an example of a game that does not have a Nash equilibrium.

Economics

Perfect substitutes will have indifference curves that are:

a. concave b. convex c. straight lines d. L-shaped e. none of the above

Economics

A competitive market is one in which:

A. government oversees its operation. B. individual sellers and buyers have a lot of influence over market price. C. fully informed price-taking buyers and sellers easily trade a standardized good. D. few large sellers compete for a majority of the market share.

Economics