The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). The current price is $0.35 per minute. If the price were to increase by ten cents per minute, consumer surplus would

Assume that workers in a purely competitive industry are earning a wage rate of $15 and the price of the product they are producing is also $15 what does this imply about the marginal productivity of these workers?

What will be an ideal response?

Game theory has an application in the analysis of:

a. an industry that has no barriers to entry b. an industry in which firms sell a homogeneous product. c. an industry in which firms are price takers. d. an industry that has a few large firms.