Which of the following statements best describes the concept of consumer surplus?
A) "I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69."
B) "Target was having a sale on tube socks so I bought 5 pairs."
C) "I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5."
D) "I was going to pay $200 for new sunglasses that I had seen at the Oakley store but I ended up paying only $140 for the same sunglasses."
D
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Suppose the domestic supply (QS) and demand (QD) for skateboards in the United States is represented by the following set of equations:QS = -60 + 3PQD = 390 - 2PIn the absence of international trade in skateboards how many skateboards will be sold in the United States?
A. 210 B. 930 C. 138 D. 258
Multinationals typically operate in a market structure that would best be described as
A. inherently disadvantaged. B. perfect competition. C. monopoly. D. an oligopoly.