If Sam is willing to pay $50 for one good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam's consumer surplus is:

Amy can study for an hour or spend that hour sleeping or going out for dinner. If she decides to study for the hour, the opportunity cost of the hour spent studying is

A) sleeping or going out for dinner, whichever she would have preferred the most. B) definitely going to slee

For a competitive firm, the supply curve is that part of the average variable cost curve that is above the short-run marginal cost curve.

Answer the following statement true (T) or false (F)