Thurman is a writer who works from his home. Thurman lives next door to Phil, the drummer for a local band. Phil needs a lot of practice to earn $250, which is his share of the band's profit. Thurman gets distracted by Phil's drumming but he needs to get his writing done to earn $500 for his current article. Which of the following is an efficient solution?
a. Phil offers Thurman $499 to allow Phil to continue drumming. Thurman accepts and both are better off.
b. Phil offers Thurman $249 to allow Phil to continue drumming. Thurman accepts and both are better off.
c. Thurman offers Phil $251 to stop practicing his drumming. Phil agrees and both are better off.
d. Thurman offers Phil $501 to stop practicing his drumming. Phil agrees and both are better off.
c
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Refer to Scenario 15.3. $X would be higher if
A) her income were higher and she were younger. B) her income were higher and she were older. C) her income and the mortality rates for someone of Ms. Qwerty's statistical profile were both lower. D) her income and the mortality rates for someone of Ms. Qwerty's statistical profile were both higher. E) she were older and the relevant mortality rate were lower.
The sum of wages and salaries, interest, rent, and profits equals
A. net national product. B. national interest. C. gross national product. D. national income.
?Strawberries (pounds) 
Consider the above table. Assuming the government imposes a price floor on strawberries of $8 per pound, what would be the likely result?
A. No change, equilibrium would prevail. B. a shortage of 2,000 pounds of strawberries C. The quantity demanded of strawberries would fall to zero. D. a surplus of 2,000 pounds of strawberries
The price of a good that Joe is currently consuming has increased.
A. Joe will experience increasing marginal utility. B. Joe will experience a shift in the demand curve of the good whose price has increased. C. Joe will stop consuming this good. D. Joe has experienced a decrease in purchasing power.