Mary has an old house built in 1950 that she would be willing to sell for $100,000. If someone offers to buy her house at $110,000, Mary's producer surplus would be equal to:

Consider a market for used cars. Suppose there are only two kinds of cars: lemons and good cars. A lemon is worth $1,500 both to its current owner and to anyone who buys it. A good car is worth $6,000 to its current and potential owners

Buyers can't tell whether a car is a lemon until after they have bought the car. What do economists call the problem that buyers of used cars face? What kind of cars (lemons, good cars, or both) are traded? Explain and substantiate your answer.

Cold weather in the Midwestern and eastern United States increases the popularity of vacations in sunny California. At the same time, the hotel employees' union in California negotiates a significant pay increase for its members. The likely impact on the hotel market in California is: a. an increase in the price of hotel rooms and an increase in hotel room rentals

b. an increase in the price of hotel rooms and a decrease in hotel room rentals. c. an uncertain effect on the price of hotel rooms, but an increase in the quantity of hotel rooms rented. d. an increase in the price of hotel rooms, but an uncertain effect on the quantity of hotel rooms rented.