If the maximum price a person is willing and able to pay for a good is $50, and consumers' surplus is $20, then it follows that the price the buyer paid for the good is
A) $20
B) $70
C) $50
D) $30
E) There is not enough information to answer the question.
D
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When the price of good X rises, the demand for good Y rises. Explain what this relationship implies about the two goods
What will be an ideal response?
Refer to the above table. Assuming constant opportunity costs, the opportunity cost of producing a bicycle in the United States is ________ while the opportunity cost of producing a bicycle in Mexico is ________
A) 8 computers; 10 computer B) 4 computers; 10 computers C) 5 computers; 2 computers D) 2 computers; 5 computers
In Exhibit 5-9, the price elasticity of supply for good X between points E and C is:
a. 7/5 = 1.40. b. 1/5 =0.20. c. 5/7 = 0.71. d. 1.
The marginal propensity to consume (MPC) is computed as the change in consumption divided by the change in:
a. GDP. b. income. c. saving. d. none of these.