For a linear and upward sloping supply curve, when the consumer has to pay a positive price for the good, the variable cost to the consumer is a
A. four-sided figure that is a rectangle on the bottom and a right triangle on the top whose hypotenuse is the demand curve.
B. four-sided figure that is a rectangle on the bottom and a right triangle on the top whose hypotenuse is the supply curve.
C. rectangle.
D. triangle.
Answer: B
You might also like to view...
Refer to Scenario 12.2. In this game, Eliza's tough strategy would lead to her preferred equilibrium of
A) Eliza donates a kidney and Jerome does not. B) both Eliza and Jerome donate a kidney. C) Jerome donates a kidney and Eliza does not. D) neither Eliza nor Jerome donates a kidney.
Results of the ultimatum game indicate that most people value fairness enough that they will refuse to participate in a transaction they consider unfair, even if they are worse off financially as a result
Indicate whether the statement is true or false