Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket falls from $50 to $20
A) everyone will buy a ticket. B) consumer surplus decreases from $48 to $24.
C) only three tickets will be sold. D) consumer surplus increases from $0 to $62.
D
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Which of the following statements is true regarding perfect competition?
a. A perfectly competitive market only exists in the agricultural market. b. A perfectly competitive market is a hypothetical extreme. c. There are many examples of perfectly competitive markets in different industries. d. Perfectly competitive markets are the opposite of price takers.
Increased productivity in agriculture leads to lower prices for consumers and higher revenues for farmers
Indicate whether the statement is true or false
Dividing the number seventy-two by an interest rate yields
A. the number of years it would take an investment to double in value. B. the annual payment required to pay off a loan at that interest rate. C. a good measure of the level of risk in the investment proposal. D. all of these options are correct.
An efficient outcome can always be reached by requiring the individual who produces the externality to fully compensate individuals for any damage inflicted.
Answer the following statement true (T) or false (F)