Automated teller machines
A) are more costly to use than human tellers, so banks discourage their use by charging more for use of ATMs.
B) cost about the same to use as human tellers in banks, so banks discourage their use by charging more for use of ATMs.
C) cost less than human tellers, so banks may encourage their use by charging less for using ATMs.
D) cost nothing to use, so banks provide their services free of charge.
C
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The "constant dollar" price is:
A) the real price of a good. B) the nominal price of a good adjusted for inflation. C) the "current dollar" price adjusted for inflation. D) all of the above E) none of the above
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) "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." C) "Target was having a sale on tube socks so I bought 5 pairs." 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."