Jordan wants to sell her wedding gown for $250, but her cousin Jessica offered her $375 for it. If the gown is sold for $375, what is Jordan's producer's surplus
a. $125
b. $25
c. $625
d. $373
e. $250
A
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"Market power" refers to a firm's ability to:
A. influence the price its competitors charge. B. undercut its competitors' prices. C. raise its price without losing all of its sales. D. force consumers to buy high-priced products.
Use the following consumption schedule to answer the next question.
The graph above shows the relationship between consumption and income. The ratio LM/PL would be a measure of the
A. average propensity to consume. B. marginal propensity to consume. C. marginal propensity to save. D. average propensity to save.
Price floors are used as a method to
a. assure consumers that prices won't fall in the future b. protect producers from paying high prices for the resources they use to produce goods c. guarantee that there will be enough food for consumers d. combat excess demand in the market e. ensure sellers a minimum price for their goods
Which of the following is reflected in the market price of a good?
a. the value the workers think it has b. the resale value it will have c. the length of time it will last d. the cost to society of producing it