In the figure above, what is the consumer surplus per day?
A) $100,000
B) $50,000
C) $125,000
D) $150,000
E) zero
B
You might also like to view...
A firm's opportunity costs of using resources provided by the firm's owners are called
a. sunk costs b. fixed costs c. explicit costs d. implicit costs e. entrepreneurial costs
Forces inside a nation that cause people to think about leaving that nation are called what in migration theory?
What will be an ideal response?
Refer to the information provided in Table 8.1 below to answer the question(s) that follow.
Table 8.1 
Refer to Table 8.1. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, which of the following statements is true?
A. The firm will use production technique A to produce all three units of output. B. The firm will use production technique A to produce the first unit and production technique B to produce the second and third units of output. C. The firm will use production technique B to produce the first two units of output and production technique A to produce the third unit of output. D. The firm will use production technique B to produce all three units of output.
The tax with the minimum excess burden of taxation is most desirable from an efficiency standpoint because _____
a. it suggest that people substituted away from the tax by a considerable amount b. it minimizes tax shifting c. it produces the least social cost per dollar of revenue raised d. it will raise the most revenue for government