Refer to Table 4-7. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. The equilibrium price and quantity for Pauline's Pickled Pomegranates are $30 and 15 thousand units
What is the value of consumer surplus?
A) $50 thousand B) $112.5 thousand C) $225 thousand D) $337.5 thousand
C
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A strategy that limits defection in a repeated prisoner's dilemma game is:
A. a cartel. B. a tit-for-tat strategy. C. a Nash equilibrium. D. an ultimatum bargaining game.
According to the 1974 Constitution of the former Yugoslavia, nobody in Yugoslavia owns resources. Being a socialist country, the constitution claimed resources were owned by "society" as a whole. According to the economic way of thinking,
A) their economic problem would be solved. B) resources would finally be used efficiently, because the profit motive would be destroyed. C) people would use Yugoslavia's resources wastefully because they themselves wouldn't have to pay the opportunity cost. D) the central planners would know how to calculate the true values and costs of resource use.
A circuit breaker is concerned with
A. faulty tax wiring. B. residential property taxes. C. corporate tax systems. D. block grants.
If Californians increase their purchases of Italian wine, assuming all else remains constant, this will ________ of the United States
A) decrease the balance of payments B) increase the current account balance C) increase net exports D) decrease the balance of trade E) decrease the trade deficit