Nick can purchase each milkshake for $2. For the first milkshake purchased Nick is willing to pay $4, for the second milkshake $3, for the third milkshake $2 and for the fourth milkshake $1
What is the value of Nick's consumer surplus for the milkshakes he buys? A) $2
B) $9
C) $3
D) $10
C
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Spending on new goods and services out of a household's current income is
A) consumption. B) the capital consumption allowance. C) savings. D) investment.
If Al has an absolute advantage over Beth in preparing meals, then:
A. the problem of scarcity applies to Beth but not to Al. B. Al's opportunity cost of preparing a meal is lower than is Beth's. C. Al can prepare more meals in a given time period than Beth. D. it takes Al more time to prepare a meal than Beth.
As uncertainty about the effects of policy on output decreases, we would expect that
A) policy makers would be more frequently implement fine tuning policies. B) policy makers would implement more active policies. C) policy makers would implement less active policies. D) both A and B E) both A and C
Refer to the above table. What are total fixed costs at an output of 2 units?
A. $150 B. $100 C. $200 D. $50