Producer surplus is usually less than profit
a. True
b. False
B
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In a competitive market, an efficient allocation of resources is characterized by
a. a price greater than the marginal cost of production. b. the possibility of further mutually beneficial transactions. c. the largest possible sum of consumer and producer surplus. d. a value of consumer surplus equal to that of producer surplus.
What does an efficient payment scheme in a principal/agent relationship depend on?
If interest rates rise in the U.S., then other things the same
a. foreigners would buy more U.S. bonds which increases the quantity of loanable funds demanded in the U.S. b. foreigners would buy more U.S. bonds which reduces the quantity of loanable funds demanded in the U.S. c. foreigners would buy fewer U.S. bonds which increases the quantity of loanable funds demanded in the U.S. d. foreigners would buy fewer U.S. bonds which reduces the quantity of loanable funds demanded in the U.S.
Number of EmployeesTotal Output16211315418520Table 16.2 Table 16.2 gives the number of oil changes that can be performed at a local oil change business based on the number of employees hired. If the price of an oil change is $20, what is the marginal revenue of the third employee?
A. $80 B. $5 C. $360 D. $40