Suppose Jerry consumes three hamburgers at McDonald's one evening. He figured the last one was just worth the price he paid for it. If the hamburgers he buys have a price of $1, then
a. he earned no consumer surplus
b. he would have earned consumer surplus if he had eaten one more hamburger
c. he was irrational
d. he may have earned consumer surplus on the first two hamburgers
e. he earned $1 consumer surplus on the third hamburger alone
D
You might also like to view...
Medicaid, welfare payments, and Temporary Assistance to Needy Families are classified as
A) unilateral payments. B) transfer payments. C) gifts. D) income redistribution payments.
A country's gross national product (GNP) is
A) the value of all final goods and services produced by its factors of production and sold on the market in a given time period. B) the value of all intermediate goods and services produced by its factors of production and sold on the market in a given time period. C) the value of all final goods produced by its factors of production and sold on the market in a given time period. D) the value of all final goods and services produced by its factors of production and sold on the market. E) the value of all final goods and services produced by its factors of production, excluding land, and sold on the market in a given time period.