The figure above shows the marginal social cost curve of generating electricity and the marginal private cost curve. The marginal cost paid by the producers and everyone else in society when 200 billion kilowatt hours are produced is
A) 0¢ per kilowatt.
B) 10¢ per kilowatt.
C) 20¢ per kilowatt.
D) 15¢ per kilowatt.
E) 5¢ per kilowatt.
C
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Consumer’s surplus
A. is the gap between total willingness to pay and the total market value of a good. B. guarantees that the market value of a good in money is equal to the total economic value of the good. C. is always negative because of diminishing marginal utility. D. is the total area under a consumer’s demand curve.
When a company hires a celebrity to endorse its product, it aims to send a message about: a. the heritage associated with its product
b. the competitive price offered for its product. c. the market share it holds. d. the quality of its product.
An increase in the money wage rate shifts the SAS curve
What will be an ideal response?
Suppose Australia subsidizes its wine exports. Which one of the following groups will benefit from this policy?
A. Australian wine consumers B. Australian taxpayers C. American wine producers D. American wine consumers