If the maximum price a person is willing and able to pay for a good is $50, and consumers' surplus is $20, then it follows that the price the buyer paid for the good is
A) $20
B) $70
C) $50
D) $30
E) There is not enough information to answer the question.
D
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What are the main characteristics that make it more likely for a cartel to enforce agreements among participating members?
What will be an ideal response?
How would the prices of sodas and cookies decreasing affect utility maximization?
A. Your budget line would not change but your indifference curve would get steeper to consume more of both goods. B. Your indifference curve would shift outward (to the right) and you could consume more. C. Your budget line would shift outward (to the right) and you could consume at a higher indifference curve. D. Your indifference curves would shift inward (to the left) and you would consume less of each good but have more extra money.