The benefit estimation method that uses surveys about hypothetical market conditions is
a. the averting expenditure method c. the travel cost approach
b. the contingent valuation method d. the political referendum approach
b. the contingent valuation method
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Fractional reserve banking refers to a banking system in which
A) bank deposits are less than bank reserves. B) bank reserves are only a fraction of total deposits. C) bank reserves are only a fraction of required reserves. D) bank loans are less than bank reserves.
If a monopoly charges higher prices to consumers who buy smaller quantities than to consumers who buy larger quantities, then
A) consumer surplus is larger than under single-price monopoly. B) social welfare is larger than under perfect competition. C) the monopoly's profits are larger than under single-price monopoly. D) the monopoly's profits are larger than under perfect price discrimination.