The figure above shows the market for umbrellas in Sunville. What is the marginal social benefit that Sunville consumers receive from the 200th umbrella bought?
A) $23.33
B) $30.00
C) $26.67
D) $50.00
D
You might also like to view...
Peanut butter and jelly are complements. If the price of peanut butter increases, the demand for jelly will increase
Indicate whether the statement is true or false
Nike has used Michael Jordan to create the impression that Air Jordan basketball shoes are superior to any other basketball shoes. Nike is attempting to
A) differentiate Air Jordan basketball shoes from other types of basketball shoes. B) convince consumers that Air Jordan basketball shoes are no different from other basketball shoes favored by celebrities. C) lower the marginal cost of producing Air Jordan basketball shoes. D) increase its profit by raising the price of Air Jordan basketball shoes.
What is the difference between the accountant’s concept of profit and the economist’s view of profit?
What will be an ideal response?
Which of the following is true of earnings from land?
a. An increase in economic rent leads to an increase in the supply of land. b. A decrease in transfer earnings from land leads to an increase in its demand. c. An increase in economic rent does not lead to an increase in the supply of land. d. A decrease in transfer earnings from land leads to a decrease in its supply. e. An increase in economic rent raises the elasticity of supply of land.