An example of a good that is rival in consumption is:
A. tap water.
B. a sweater.
C. bottled water.
D. All of these goods are rival in consumption.
Answer: D
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Which of the following is not a means-tested program?
a. Social Security b. Temporary Assistance for Needy Families c. Earned Income Tax Credit d. Supplemental Security program
Jason hires Maria to tutor him in economics. Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth
Maria has an opportunity cost per hour of $6 for the first, $9 for the second, $12 for the third, $15 for the fourth, and $18 for the fifth. What will be the equilibrium quantity of hours tutored and the equilibrium price? Explain why this quantity and price is the equilibrium. What is Jason's consumer surplus and what is Maria's producer surplus?