Use the table below to answer the following question.ProducerMinimum Acceptable Product PriceActual Product Price (Equilibrium Price)Kimberly$6$13Drake713Nicki913Victoria1113What is the total producer surplus for all four producers shown?
A. $24
B. $6
C. $19
D. $13
Answer: C
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Which of the following is most likely to increase an individual's current spending?
A) Paying back a loan today B) Borrowing money today C) Depositing money today D) Withdrawing money in the future
When Sidney's Sweaters, Inc makes exactly zero economic profit, Sidney, the owner
A) is taking a loss. B) will shut down in the short run. C) makes an income equal to his best alternative forgone income. D) will boost output.
In a typical economy, the dollar value of the total output for a period will equal the sum of consumption spending, planned investment spending, government spending, and net tax revenue
a. True b. False
The supply curve of a perfectly competitive firm in the short run is
A) the firm's average variable cost curve. B) the portion of the firm's marginal cost curve below the minimum point of the average variable cost curve. C) the portion of the firm's marginal cost curve above the minimum point of the average variable cost curve. D) the portion of the firm's marginal cost curve above the minimum point of the average total cost curve.