Consumer surplus is equal to the
a. Value to buyers - Amount paid by buyers.
b. Amount paid by buyers - Costs of sellers.
c. Value to buyers - Costs of sellers.
d. Value to buyers - Willingness to pay of buyers.
a
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Marginal utility is total utility divided by the number of units consumed
a. True b. False Indicate whether the statement is true or false
A fundamental principle of economics is that every choice has a(n) _____________ cost.
a. established b. variable c. fixed d. opportunity
Recall the Application about reducing pollution generated from international shipping to answer the following question(s).Recall the Application. Of the following CO2 reduction methods for international shipping, which has the lowest marginal abatement cost (MAC)?
A. weather-sensitive routing B. switching from diesel to gas-powered engines C. reducing speed and increasing fleet size D. installing fixed sails and wings
What would happen in the market for laser eye surgery if insurance companies started to cover a portion of the price of voluntary procedures?
A) Demand will increase, but this will not shift the supply curve. B) Supply will increase, but this will not shift the demand curve. C) Demand and supply will both increase. D) Demand will increase and supply will decrease.