Consumers' total benefit from consuming a good is equal to the
A) total amount spent on the good.
B) consumer surplus on the quantity purchased.
C) consumer surplus plus the total amount spent on the good.
D) consumer surplus minus the total amount spent on the good.
E) total amount spent on the good divided by the number of units purchased.
C
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A noisy monopoly
A) will be regulated by the Federal Trade Commission until it reduces its noise emissions. B) sells products under its own label for a low price, and sells the virtually identical product with the same quality under a private label for a higher price. C) sells products under its own label for a high price, and sells the virtually identical product with the same quality under a private label for a lower price. D) leverages the Lemon Law to sell both good and poor quality goods for the same price.
The term structure of interest rates describes the relationship between the rate of interest charged and the
a. length of time until repayment of the loan b. amount of the loan c. riskiness of the borrower d. identity of the borrower e. age of the lender