In this consumer surplus graph, why is the market demand curve smooth?
a. Demand is artificially set by government price controls.
b. One buyer sets the demand for the entire market.
c. The buyers all share identical levels of willingness to pay.
d. There are many buyers with unique levels of willingness to pay.
d. There are many buyers with unique levels of willingness to pay.
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In economics
A) costs are seen as all the previous opportunities B) costs are seen as the next best opportunity C) are measured in monetary units only. D) costs are only fixed.
A regional lobster management board recently proposed a five-year moratorium on lobster fishing in the Atlantic waters south of Cape Cod based on a study of the lobster population. Which of the following statements is not correct?
a. Lobsters are rival but not excludable. b. The lobster population is an example of the tragedy of the commons. c. Reducing the quota on the number of lobsters any fisher can catch would have a protective effect on the lobster population. d. If left unregulated, the lobster population will likely increase.
Which of the following countries meets or exceeds the U.N.'s Millennium Aid Goal of 0.7 percent of donor country GDP?
A. The United Kingdom. B. Australia. C. Norway. D. Japan.
The estimated demand for a good is
= 4800 - 16P - 0.65M - 1.5PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. The good is
A. an inferior good since the coefficient on M is negative. B. a normal good since the coefficient on M is greater than one (in absolute value). C. a normal good since the coefficient on PR is negative. D. an inferior good since the coefficient on PR is negative. E. none of the above