If the price of action figures was $8.00 each, his consumer surplus would be
Table-Demand and Utility Table for action figures
A. $8.
B. $12.
C. $16.
D. $32.
B. $12.
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According to the text, during which time period did the United States have the highest unemployment rates?
A) 1930s B) 2000s C) 1950s D) 1980s
Sue consumes only sub sandwiches and Mountain Dew. Subs and Mountain Dew are complements. If the price of a Mountain Dew increases
A) Sue's demand curve for sub sandwiches will shift rightward. B) Sue will move downward along her demand curve for Mountain Dews. C) Sue will move upward along her demand curve for Mountain Dews. D) Both answers A and C are correct.
For firms that sell one product in a perfectly competitive market, average revenue is:
A. calculated by total revenue divided by total output. B. equal to marginal revenue. C. equal to the market price. D. All of these are true.
Which of the following would increase GDP?
a. You buy 100 shares of Wal-Mart stock. b. Your car is destroyed by a fire, and you purchase a two-year-old car to replace it. c. Your car is damaged by a fire, and you hire a mechanic to repair it. d. Your car is damaged by a fire, and you reduce the number of hours you work to repair the car yourself.