Refer to Table 3.2, which shows some costs and benefits of having your car repaired. What is the marginal benefit of the 4th hour spent on repairs?
A. $450
B. $375
C. $295
D. $920
B. $375
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Consumer surplus exists when a
A) person buys something with a marginal benefit less than what they paid. B) person buys something with a marginal benefit exactly what they paid. C) person buys something with a marginal benefit more than what they paid. D) producer sells something for more than it is worth. E) person buys something with a marginal cost less than what they paid.
The United States has a comparative advantage in producing cotton if the U.S. price of cotton before international trade is ________ the world price
A) less than B) equal to C) greater than D) not comparable to
____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model
a. Baumol's sales maximization hypothesis b. The Pareto optimality condition c. The Cournot model d. The theory of contestable markets e. none of the above
If an asset can be disposed of without much risk of losing its nominal value, it is said to be
A. worthless. B. fiduciary. C. valuable. D. liquid.