Donald produces nails at a cost of $350 per ton. If he sells the nails for $500 per ton, his producer surplus is

You have chosen to take a trip during spring break. If you had not gone, you would either have worked at a temporary job or studied for exams. The opportunity cost of your trip is

A) the wages you would have earned from working. B) the lower grade earned by not studying. C) the wages you would have earned from working and the lower grade earned by not studying. D) the value of the tri

If an individual's indifference curve map does not obey the assumption of a diminishing MRS, then:

a. the individual will not maximize utility. b. the individual will buy none of good x. c. tangencies of indifference curves to the budget constraint may not be points of utility maximization. d. the budget constraint cannot be tangent to an appropriate indifference curve.