An oil painting has an opportunity cost of $1,000. The painting was purchased for $1,500. How much consumer surplus did the buyer obtain?
A) $1,500
B) $1,000
C) $500
D) zero
E) cannot be determined from the information given
Correct Answer:
Verified
Q30: The market for strawberries is perfectly competitive.
Q32: A new car has a sticker price
Q34: Bill and Ted each consume 15 chocolate
Q35: Use the figure below to answer the
Q35: A used truck has a sticker price
Q36: Use the figure below to answer the
Q37: Consider a downward-sloping demand curve.Consumer surplus is
A)the
Q38: Use the figure below to answer the
Q39: Use the figure below to answer the
Q40: Consumer surplus is
A)the difference between the maximum
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents