Explain the working of the consumer’s surplus.
What will be an ideal response?
It is the amount of money a consumer would be willing to pay for a given product, minus the amount he or she must actually pay. Units of a product are not priced marginally but sold at an average price, which means the increased production will give consumers surplus value. Thus, any investment that reduces the cost of the product or service produces a benefit in savings that increases the consumer surplus.
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In _______________, the Supreme Court recognized that the sidewalks surrounding the Court's own building in Washington, D.C. qualified as a public forum and struck down the federal law forbidding use of that space for picketing or handing out leaflets
a. Perry Educational Association v. Perry Local Educators' Association (1983) b. Lloyd Corporation v. Tanner (1972) c. Schenck v. United States (1919) d. United States v. Grace (1983)
Which of the following is most important in assessing the adequacy of the S.A.T. in admitting students to college?
a. construct validity b. concurrent validity c. face validity d. decision validity e. predictive validity
Today, most boards of directors of Fortune 500 corporations consist of
a. no women or minorities. b. women and minorities making up roughly half of their directors. c. at least two or three women and minorities among their 14 to 16 directors. d. women and minorities as a significant portion of their 14 to 16 directors.
Implementation of programs is characterized by multiple and conflicting interests
a. True b. False