The figure above shows the market demand curve for pizza
a) What is the marginal social benefit of the 20th pizza?
b) What is the maximum price a consumer is willing to pay for the 20th pizza?
c) If the price of a pizza is $6, what is the consumer surplus of the 20th pizza?
d) If the price of a pizza is $10, what is the consumer surplus?
e) If the price of a pizza is $6, what is the consumer surplus?
a) The marginal social benefit of the 20th pizza is $10.
b) The maximum price a consumer is willing to pay for the 20th pizza is $10.
c) If the price of a pizza is $6, the consumer surplus of the 20th pizza is $4.
d) If the price of a pizza is $10, the consumer surplus is $40.
e) If the price of a pizza is $6, the consumer surplus is $160.
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We learn the following about a ski resort: ticket sales $100M, snow making expenses $70M, wages $20M, interest on business loans $5M, and profits $5M. What is the contribution to GDP using the product approach?
A) $70M B) $80M C) $95M D) $100M
According to the demand-pull theory, what is responsible for inflation?
(A) Demand for goods and services exceeds existing supply. (B) Too much money is in circulation. (C) Producers raise prices to meet increased costs. (D) The economy is in a wage-price spiral.
Which of the following is an argument an economist would use to argue against market regulation designed to protect consumers?
A. Manufacturers have no incentive to stop the sale of counterfeit products. B. When a brand name product is found unsafe, the value of the brand is reduced, which gives companies with brand names an incentive to produce high-quality products. C. Government is more likely to have consumers' interest in mind than does the market. D. Information is costless and readily available, and so it is up to consumers to beware.
Refer to the below graphs. A short-run equilibrium that would produce losses for a monopolistic ally competitive firm would be represented by graph:
A. A
B. B
C. C
D. D