If a buyer's reservation value for a good is 15 and the price at which he purchases the good is 8, his consumer surplus is:
A) 7.
B) 1.8.
C) -7.
D) 120.
Question 2
If no beautification projects were undertaken in a city except by private individuals or firms, the city would almost surely be less beautiful than otherwise comparable cities because
A) aesthetic standards vary so widely.
B) it is extremely difficult to induce people to pay on a voluntary basis for the pleasure they receive from urban beautification projects.
C) people may enjoy beauty, but they are not willing to pay for it.
D) private individuals and firms generate more external costs than benefits.
good to eat
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
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