Suppose Larry, Moe, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid. This maximum is called
a. a resistance price.
b. willingness to pay.
c. consumer surplus.
d. producer surplus.
b
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Which of the following fiscal policy actions would be appropriate if the economy is experiencing an recessionary? gap?
A. a decrease in taxes B. an increase in interest rates C. a decrease in government spending D. a decrease in the money supply
Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080What is the minimum a sweater would be traded for in this example?
A. 1/3 of a scarf B. 1/2 of a scarf C. 3 scarves D. 2 scarves
Selling a product in a foreign nation at a price less than its cost of production is called
A) infant-industry exploitation. B) absolute advantage. C) dumping. D) net exporting.
Explain the relationship between the aggregate supply curve and the Phillips curve
What will be an ideal response?