Refer to Figure 4-3. If the market price is $2.50, what is the consumer surplus on the first ice cream cone?
A) $0.50 B) $1.00 C) $3.50 D) $9.00
B
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Employing a general equilibrium approach, describe the effect of a new law that prohibits steel imports
What will be an ideal response?
VRIN or VRIO is an example of a
A) five forces model B) resource-base model C) supply and demand model D) dark-side model
As of December 2008, the most important category in the CPI is
a. medical care b. education c. transportation d. food and beverages e. housing.
Assuming that oligopolists do not have the opportunity to collude, once they have reached the Nash equilibrium, it
a. is always in their best interest to supply more to the market. b. is always in their best interest to supply less to the market. c. is always in their best interest to leave their quantities supplied unchanged. d. may be in their best interest to do any of the above, depending on market conditions.