The above figure shows the competitive market for turkey. The consumer surplus for the 300 millionth pound of turkey is
A) $2.00 per pound.
B) $225 million.
C) $0.80 per pound.
D) $0.50 per pound.
D
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The United States' economy would be operating at full employment with labor unemployment rate of ___ percent and a capacity utilization rate of _____ percent.
A. 5; 95 B. 5; 85 C. 10; 95 D. 10; 85
One answer to the problem of natural monopoly is provision of the good by a government-owned and operated firm. Why is that option not used very often?
The benefit to buyers of participating in a market is measured by
a. the price elasticity of demand. b. consumer surplus. c. the maximum amount that buyers are willing to pay for the good. d. the equilibrium price.
The property that rules out indifference curves that cross is:
A. independence. B. completeness. C. diminishing marginal rate of substitution. D. transitivity.