In which of the following cases would the consumer surplus most likely be greatest for an umbrella?
a. at a ski resort experiencing a snowstorm during the slow part of the season
b. on a dry, cloudy day in a region that rarely receives measurable rainfall
c. in a major city on a rainy day that was predicted well in advance
d. when a downpour approaches a large, unprepared crowd in an open area
d. when a downpour approaches a large, unprepared crowd in an open area
Economics
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The European Monetary System (EMS) relied on the ______ to maintain fixed rates of exchange, but in 1992, several notable defections from the system created doubt that a monetary union could occur.
A) euro B) U.S. dollar C) the European currency unit (ECU) D) ERM
Economics
The pricing rule MR=MC holds for
a. All firms b. Single product firms c. Multiple product firms d. None of the above
Economics