The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the producer surplus at the competitive market equilibrium?
A. $1.5 million
B. $4.5 million
C. $9 million
D. $13.5 million
B. $4.5 million
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The return on human capital
A) tends to be much greater than the return on physical capital. B) tends to be much lower than the return on physical capital. C) is similar to the return on physical capital. D) cannot be related to the return on physical capital since human capital and physical capital are so different.
Which firm is most likely to be able to engage in price discrimination?
a. a small retailer selling common household goods b. one of only three firms in a specialized industry c. a fast food chain with many competitive rivals d. a business that just entered a market and has little customer data
A discouraged worker is
What will be an ideal response?
If price is above the equilibrium, there will be excess supply of the product.
Answer the following statement true (T) or false (F)