Use the table below to answer the following question.ProducerMinimum Acceptable Product PriceActual Product Price (Equilibrium Price)Kimberly$6$13Drake713Nicki913Victoria1113Which producer has a producer surplus of $4?
A. Kimberly
B. Victoria
C. Nicki
D. Drake
Answer: C
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Consumer surplus
A) is the difference between what a consumer pays for a good and the producer's cost. B) is the extra money a consumer pays above the minimum necessary price for the producer to produce it. C) is the difference between what a consumer would willingly pay for a good and the price actually paid. D) equals zero in the long run.
In the short run unemployment may fall below the natural rate of unemployment if:
a) Nominal wages have risen less than inflation b) Nominal wages have risen at the same rate as inflation c) Nominal wages have risen more than inflation d) Nominal wages have risen less than unemployment
Dumping occurs when a foreign monopolist charges ______ price in the domestic market than/as in a foreign market.
a. a lower b. a higher c. the same d. an equivalent
In November 2009, Econland Motors produced an automobile that was delivered to a local 25-52 Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. dealership in December 2009. The auto was then sold to Sharon Smith for personal use in February of 2010. Following national income accounting practices, this auto would be counted as part of:
A. Consumption in 2009 and consumption in 2010 B. Consumption in 2009 and investment in 2010 C. Negative investment in 2009 and consumption in 2010 D. Investment in 2009 and negative investment in 2010