In the figure above, how much is the consumer who buys the 5,000th pizza willing to pay for that pizza?
A) $15
B) $10
C) $12
D) $22.50
E) $5
A
You might also like to view...
Assume the price of Coca-Cola increases. As a result, your real income decreases and you decrease the quantity of Coca-Cola purchased each month. This is an example of the:
a. income effect. b. consumer price effect. c. revenue effect. d. substitution effect.
An industry having a four-firm concentration ratio of 85 percent:
A. approximates pure competition. B. is monopolistically competitive. C. is a pure monopoly. D. is an oligopoly.
How does real gross domestic product (GDP) differ from nominal GDP?
A. Nominal GDP controls for price changes, while real GDP does not. B. Real GDP controls for price changes, while nominal GDP does not. C. Nominal GDP can be used to directly compare the amount of output produced from year to year, while real GDP cannot be used for such comparison. D. There is no difference between nominal GDP and real GDP.
When gross domestic product (GDP) is adjusted by adding any income earned abroad by U.S. firms or residents and by subtracting any income earned in the United States by non-U.S. corporations or foreign nationals, it is called:
A. depreciation. B. subsidized income. C. international GDP. D. gross national product (GNP).