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
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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.
Perfect substitutes will have indifference curves that are:
a. concave b. convex c. straight lines d. L-shaped e. none of the above
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.
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.