Craig was willing to sell his car for $20,000 . If he receives a producer surplus of $500, then the selling price of the car is _____
a. $21,500
b. $10,000
c. $20,500
d. $19,500
c
You might also like to view...
A fair-returns price is a price set at:
A) marginal cost. B) average fixed cost. C) average total cost. D) average variable cost.
Unanticipated inflation will insure that
A) homeowners with outstanding mortgage balances are hurt. B) homeowners with outstanding mortgage balances are benefited. C) creditors gain, debtors lose. D) none of the above
Cartels:
A. can effectively sustain large profits in the long run. B. are usually illegal. C. can act as if they are a single monopoly. D. All of these statements are true.
The period 1992-200 was marked by
a. erratic changes in real GDP b. abnormally high levels of unemployment c. abnormally high levels of inflation d. sustained economic growth e. extended phase of recession