What must be true for a consumer to enjoy a consumer surplus from a unit of a good?
What will be an ideal response?
The marginal benefit to the consumer of the unit of the good must be greater than the price of the good.
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The "miracle" of the market, as addressed in your text, refers to the countless goods and services of great complexity made abundantly available
A) under conditions of massive ignorance. B) with a minimum number of errors and mistakes. C) with few losses and bankruptcies. D) with no systematic or scientific way of explaining how it happens.
If in the market for apples the supply has decreased, then
A) the supply curve for apples has shifted to the right. B) there has been a movement upwards along the supply curve for apples. C) there has been a movement downwards along the supply curve for apples. D) the supply curve for apples has shifted to the left.