Total surplus is the sum of producer’s surplus and consumer’s surplus.
Answer the following statement true (T) or false (F)
True
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When a firm has the power to establish its price
A) P = MR. B) P = MC. C) P > MR. D) P < MR.
Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $2.00:
A. the market supply of milk is 33 units. B. the market supply of milk is 15 units. C. the market supply of milk is 18 units. D. the market supply of milk is 42 units.
It presently costs 50 Canadian dollars for a lift ticket at Whistler Ski Resort in British Columbia. If the current value of the Canadian dollar is 0.68 U.S. dollars, how many U.S. dollars does it cost to ski at Whistler?
a. $16.00 b. $34.00 c. $73.50 d. $156.25
Because it is generally difficult for economists to user experiments to generate data, what must they generally do?
a) do without data b) use whatever data the world gives them c) select a committee of economists to make up data for all economists to use d) use hypothetical, computer-generated data