Jade has a weekly budget of $24, which she likes to spend on…

Jade has a weekly budget of $24, which she likes to spend on magazines and pies. If the price of a magazine is $4 each, and the price of a pie is $12 each, what is Jade’s opportunity cost of purchasing a pie?   The opportunity cost of one pie is _________________ magazines.

If the price of a good is exactly equal to the maximum price…

If the price of a good is exactly equal to the maximum price a buyer will pay, then the buyer will not buy the good. receive the maximum consumer surplus. receive no marginal benefit from that unit of the good. receive no consumer surplus from that unit of the good.