You expect one-third of your customers to be high value, willing to pay $9 for your product, and the other two-thirds to be low value customers willing to pay only $3 . You cannot tell them apart. If the product costs $3, and you charge $9, what is your expected profit?

An increase in economic rent is accompanied by an increase in the quantity supplied of a resource

a. True b. False Indicate whether the statement is true or false

Arthur Laffer's macroeconomic theory and political philosophy are linked. He is a

A. monetarist and a conservative. B. supply-sider and a conservative. C. new classical macroeconomist and a liberal. D. Keynesian and a liberal.