If a firm produces five chairs with marginal costs of $25, $30, $40, $55, and $75, respectively, and sells them for $80 each, what is the firm's total producer surplus?
A) $400
B) $225
C) $175
D) $150
E) $80
C
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The United States possesses a large amount of human capital. As a result of this fact, in the United States there is a
A) large amount of machinery and equipment. B) large number of people and a great deal of land. C) highly skilled and educated labor force. D) large number of kind and generous humans. E) large amount of machinery (capital) that is run by people (humans).
Why is a futures contract considered valuable by both producers and consumers?
About four out of five millionaires in the United States earned their money rather than inherited it
a. True b. False Indicate whether the statement is true or false
Social costs are
A. borne by individuals who incur them. B. borne by no one in society. C. the full cost borne by society whenever a resource use occurs. D. costs that are borne by the government.