At prices below a consumer's willingness to pay:
A. the buyer will participate in the market because the opportunity cost is less than the benefit from consuming the good.
B. the buyer will participate in the market because the opportunity cost is more than the benefit from consuming the good.
C. the buyer will not participate in the market because the opportunity cost is less than the benefit from consuming the good.
D. the buyer will not participate in the market because the opportunity cost is more than the benefit from consuming the good.
A. the buyer will participate in the market because the opportunity cost is less than the benefit from consuming the good.
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The federal government's abilities to tax during war- and peace-times are constrained by
(a) the need to be re-elected by the voting population. (b) the interests of the non-voting population. (c) the U.S. Constitution. (d) the protected rights of state and local governments to tax.
Common property rights
A) increase efficiency over individual property rights. B) enable the Coase theorem to work. C) are responsible for the increasing success of preservation of African elephants. D) are responsible for the increasing success of preservation of worldwide fishing resources. E) result in faster depletion of resources than do individual property rights.
Cost-push inflation is caused by: a. an increase in aggregate demand
b. a decrease in aggregate demand. c. an increase in short-run aggregate supply. d. a decrease in short-run aggregate supply.
When airlines overbook a flight and passengers are paid to take a later flight, which category of passenger is most likely to give up their reservations?
A) Passengers not in a hurry B) Poor passengers C) Selfish passengers D) Unselfish passengers E) Wealthy passengers