Sally is shopping for textbooks at the beginning of the semester. What is one reason she might decide to not purchase a textbook?
A) Her expected producer surplus is positive.
B) Her expected consumer surplus is negative.
C) Her expected consumer surplus is positive.
D) Her expected profits are positive.
B
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If consumers purchase fewer of those products that increase most in price and more of those products that decrease in price as compared to the CPI basket, then
A) changes in the CPI are unrelated to the true rate of inflation. B) changes in the CPI understate the true rate of inflation. C) changes in the CPI overstate the true rate of inflation. D) changes in the CPI accurately reflect the true rate of inflation.
The marginal revenue product is
A) the change in total output resulting from a one-unit change in variable output. B) the change in marginal output resulting from a one-unit change in variable input. C) the change in total revenue resulting from a one-unit change in variable input. D) the change in marginal revenue resulting from a one-unit change in variable input.