Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for $12,000, her ________ would be ________.
A) benefit; $12,000
B) cost; $15,000
C) economic surplus; $3,000
D) economic surplus; $12,000
Correct Answer:
Verified
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Q19: If a person takes an action if,
Q20: The Scarcity Principle applies to:
A)all decisions.
B)only market
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Q26: The cost-benefit model used by economists is:
A)unrealistic
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A)fully captures how people choose
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