Based on the information in the above table, the value of M1 is
A) $2,100.
B) $1,700.
C) $3,000.
D) $3,100.
Answer: B - 1,700
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Suppose Dan is willing to pay a maximum of $3,000 for a piano, but finds one he can buy for $2,500. Dan's consumer surplus from this piano is
A) $5,500. B) $3,000. C) $2,500. D) $500. E) zero because he buys the piano.
Strategic behavior is key feature in which market structure?
A. Monopoly B. Oligopoly C. Monopolistic competition D. Perfect competition
Which of the following explains what would likely happen if public goods were marketed like private goods?
A. Many consumers would want to buy the goods. B. Government failure would result. C. Public goods would be overproduced. D. Public goods would be underproduced.
Which of these is an important determinant of contract duration as suggested by the economic models on franchise contracts?
A. Recontracting costs B. Market power C. Residual rights D. Asset ownership