Bill and Krista sell potted plants from a roadside stand. The figure above shows Bill and Krista's marginal cost curve and the market price. If Bill and Krista sell 60 plants per week, their producer surplus from the 60th plant will equal
A) $8.
B) $480.
C) $0.
D) $20.
E) More information is needed to answer the question.
C
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In order to be able to consume more in the future, you have to consume
A) less today and save the difference. B) more today to increase supply. C) more consumer goods. D) fewer capital goods.
The backward bending supply curve for labor is
a. not valid for individuals b. valid only for aggregate labor markets c. the result of purchasing power effects that outweigh the relative price changes for leisure d. has to do with lack of firm interest in high-cost labor e. describes a relationship between population and labor quantities
If the demand for gasoline becomes more elastic over time,
a. the demand curve will shift out. b. the demand curve will become flatter. c. other things being equal, the equilibrium price of gasoline must fall. d. other things being equal, the equilibrium quantity of gasoline must fall.
If the United States increased its budget deficit, and it is at or near full employment, the most likely effect is to crowd
A. in investment and crowd out net exports. B. out investment and crowd in net exports. C. in investment and crowd in net exports. D. out investment and crowd out net exports.