Refer to the graph shown. If sellers receive a price of $15, quantity supplied will equal:
A. 25.
B. 100.
C. 50.
D. 75.
Answer: D
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The producer surplus is found by subtracting the ________ and then adding the difference for all units sold
A) marginal cost from price B) price from marginal cost C) marginal benefit from total benefit D) marginal cost from marginal benefit E) deadweight loss from the price
Which of the following violates the law of diminishing marginal utility? a. Phil's marginal utility from drinking another beer remains positive as he drinks more at a party
b. Phil's marginal utility from drinking becomes negative after 6 beers at a party. c. Phil's total utility from drinking 5 beers at a party is greater than his total utility of drinking 3 beers at a party. d. The more beer Phil drinks, the more he enjoys the next one.
The prisoners' dilemma provides insights into the
a. difficulty of maintaining cooperation. b. benefits of avoiding cooperation. c. benefits of government ownership of monopoly. d. ease with which oligopoly firms maintain high prices.
Gross domestic product is a monetary measure of
A. total consumption in the economy. B. the total value of all final goods and services. C. total industrial output. D. the total value of all foreign sales and purchases.