If the price were $5 each, her consumer surplus would be
Table: Demand and Utility Schedules for packs of scented candles
A. $31.
B. $20.
C. $18.
D. $6.
D. $6.
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The rules and principles of economics that serve as a guide for action are known as
a. economic policy. b. economic theory. c. macroeconomics. d. microeconomics.
There are many ways developing countries finance their external deficits EXCEPT
A) bank finance. B) portfolio investment in ownership of firms. C) bond finance. D) official lending. E) foreign exchange rates.
When is a buyer NOT willing to spend a lot of time and energy researching the market?
a) when buying a large quantity of goods b) when there are many identical products available c) when the savings to be made are small d) when prices vary but quality is the same
A monopoly incurs a marginal cost of $1 for each unit produced. If the price elasticity of demand equals -2.0, the monopoly maximizes profit by charging a price of
A) $1.00. B) $1.50. C) $2.00. D) $3.00.