The manufacturer of a robotic vacuum sets a minimum price of $500 for its new model, the IR10. Shopping for a vacuum with a budget of $750, Lyndsey buys an IR10 for $600. Which of the following is true?
a. producer surplus of $100
b. consumer surplus of $100
c. producer surplus of $250
d. consumer surplus of $250
a. producer surplus of $100
You might also like to view...
The majority of funding for 19th century American canal building came from
a. the federal government. b. state governments. c. local governments. d. private investors.
The first recorded example of a financial bubble was:
A. called the Enclosure Movement. B. the "dot com" bubble of the 1990s. C. a "tulip mania" in the 1600s. D. the "stock market" bubble of the 1920s.
The sum of all past budget deficits and surpluses of the federal government is the
a. budget deficit. b. budget surplus. c. national debt. d. trade deficit.
A monopolistic competitor has fixed costs of $100 and marginal costs of $10 per unit. What is its marginal revenue at its equilibrium price and quantity?
a. $10 b. $11 c. $1,100 d. $2,000