Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units. What is the value of producer surplus?
A) $600 thousand B) $300 thousand C) $150 thousand D) $30 thousand
C
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Indicate whether the statement is true or false
Megan, an analyst in Ronald's team called in sick on a day when 4 projects were due for completion. Ronald divided Megan's work between the remaining six team-members. Which form of governance is being used here?
a. Etiquette b. Hierarchy c. Contract d. Market
The tax cuts of 1981 and 1986
a. stimulated the economy and tax revenues increased to eliminate deficits b. stimulated the economy as supply-side economists predicted it would c. depressed the economy as supply-side economists predicted it would d. had neither a noticeable stimulating nor depressing effect on the economy e. were found to be unconstitutional and so couldn't have had the effect on the economy that the President had hoped
Suppose an entrepreneur commits to a production schedule but overestimates the market price for her products. Which situation is not possible?
a. Price equals average total cost. b. Losses are greater than if she shut down. c. Total profit is positive. d. Average variable cost is greater than marginal cost. e. Total profit is zero.