Dean should play golf instead of preparing for tomorrow's exam in economics if:
A. he is irrational.
B. Dean can play golf for free.
C. the economic surplus from playing golf is greater than the economic surplus from studying.
D. the benefit of golfing is greater than the benefit of studying.
Answer: C
Economics
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Limit pricing refers to
A) the fact that a monopoly firm always sets the highest price possible. B) how the price is determined in a kinked demand curve model of oligopoly. C) a situation in which a firm might lower its price to keep potential competitors from entering its market. D) none of the above.
Economics
Suppose the market supply curve is p = 5 + Q. If price increases from 10 to 15, the change in producer surplus is
A) 12.5. B) 5. C) 50. D) 37.5.
Economics