Consumers in used car markets can very easily differentiate between high-quality and low-quality cars

Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $95 dollars, total consumer surplus will be

A) $0. B) $35. C) $80. D) $95.

This chapter introduces the idea of opportunity cost

a. What is meant by opportunity cost? How are the opportunity costs of various choices compared? b. What is the opportunity cost of taking a year after graduating from high school and backpacking across Europe? Are people who do so being irrational?