Suppose the market demand for good X is given by QXd = 20 - 2PX. If the equilibrium price of X is $5 per unit then consumer surplus is

Receiving $100 at the end of the next three years is worth more to me than receiving $260 right now, when my required interest rate is 10%

a. True b. False

When property rights are well defined and markets are competitive, the

a. market equilibrium violates the conditions for economic efficiency. b. market equilibrium is consistent with economic efficiency. c. conditions necessary for economic efficiency no longer apply. d. quantity supplied will rarely equal the quantity demanded.