Brendon is willing to pay $3,000 for a PlayStation. If the market price of the PlayStation is $2,000 . then:
a. Brendon will not buy the PlayStation because the marginal utility derived from it is very low
b. Brendon will not buy the PlayStation because it is an illegal transaction.
c. Brendon will buy the PlayStation because the price he is willing to pay is more than the market price.
d. Brendon will buy the PlayStation because his total utility will increase.
c
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Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50
A) no one will buy a ticket. B) Violet's consumer surplus is $2. C) consumer surplus will be maximized. D) everyone will buy a ticket.
Which of the following is not true about the U.S. trade balance since 1979?
a. The balance of trade has been in deficit. b. During recessions the balance has usually been flat. c. The balance of trade has been in surplus. d. When the economy expanded, the demand for imports increased. e. When the economy expanded, the trade balance worsened.