Jake just bought a new hockey stick. When he was leaving the shop, he thought that he such a great deal and would have paid $50 more dollars for the stick. Jake received
A) producer surplus.
B) equilibrium.
C) marginal cost.
D) total surplus.
E) consumer surplus.
E
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Private markets will not provide the efficient quantity of a public good because
A) of the principle of minimum differentiation. B) public goods are rival and excludable. C) of rational ignorance. D) of the free-rider problem.
Refer to Table 9-5. Select the statement that accurately interprets the data in the table
A) Madison has a greater opportunity cost than Austin for making tacos. B) Austin's opportunity cost for making tacos and making empanadas are both greater than Madison's. C) Austin has a greater opportunity cost than Madison for making empanadas. D) Madison's opportunity cost for making tacos is less than Austin's.
When the supply of a good increases and its demand decreases by the same amount: a. Price will change in the same direction as the shift in supply
b. Price will change in the same direction as the shift in demand. c. Quantity exchanged will change in the same direction as the shift in supply. d. Quantity exchanged will change in the same direction as the shift in demand.
The inflation rate is the
A) Percentage change in the composition of the CPI market basket from the base year to the next year. B) Percentage change in the CPI from one year to the next year. C) Difference between the current period CPI and the base period CPI. D) Difference between the base period CPI and the current period CPI.