Refer to Figure 4-4. What is the value of producer surplus at the equilibrium price of $15?
A) $80 B) $160 C) $240 D) $400
B
You might also like to view...
In the United States, approximately what percentage of the total income is earned by the highest 5 percent of the families?
a. 10 percent. b. 20 percent. c. 30 percent. d. 40 percent.
At potential real GDP:
a. there is zero unemployment. b. there is no seasonal unemployment. c. there is no frictional unemployment. d. unemployment is at its natural rate. e. cyclical unemployment equals approximately 5 percent.
The operational components required for truly independent central banks include:
A. the chairperson of the bank being answerable only to the President. B. the ability to have policies reversed. C. monetary policies that cannot be reversed by anyone outside of the central bank. D. a budget controlled by Congress.
Which of the following terms best characterizes the demand for health care?
A. Price elastic B. Price inelastic C. Income inelastic D. Negative cross elasticity