Suppose Katie, Kendra, and Kristen each purchase a particular type of cell phone at a price of $80 . Katie's willingness to pay was $100, Kendra's willingness to pay was $95, and Kristen's willingness to pay was $80 . Consumer surplus for the three individuals is
a. $15.
b. $20.
c. $35.
d. $80.
C
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________ refers to alternating periods of economic expansion and economic recession in an economy
A) Fiscal policy B) Labor productivity C) The business cycle D) Positive economic analysis
Within a game theory model, if a change in decision-making raises corporation A's profits by $50 and lowers corporation B's profits by $60, the game is a
A) negative-sum game. B) zero-sum game. C) positive-sum game. D) cooperative game.
The long-run aggregate supply (LRAS) curve is a ________ drawn at ________
a. horizontal line; the equilibrium price level b. vertical line; the potential output level c. downward-sloping curve; the equilibrium price level d. horizontal line; the potential output level
What is the added worker effect?
A. A secondary worker enters the labor force when the wage rate is high. B. A secondary worker enters the labor force when he or she no longer must allocate time to household production. C. A secondary worker enters the labor force when his or her consumption of goods exceeds his or her nonlabor income. D. A secondary worker enters the labor force when his or her household productivity increases. E. A secondary worker enters the labor force when the main worker in the household has lost his or her job or has experienced a wage cut.