Refer to Figure 9.1. If the market is in equilibrium, total producer surplus is
A) $30.
B) $70.
C) $400.
D) $800.
E) $1200.
C
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The prototype of suburban tract development was in
A. San Luis Obispo, California. B. Camden, New Jersey. C. Butte, Montana. D. Levittown, New York.
Ryan Black does not work and has not looked for work because of a disability. He is:
a. a member of the civilian labor force who is employed. b. a member of the civilian labor force who is unemployed. c. a member of the civilian labor force who is underemployed. d. a discouraged worker who is not a member of the labor force. e. not a member of the labor force.
Economic surplus is maximized in a competitive market when
A) producers sell the quantity that consumers are willing to buy. B) demand is equal to supply. C) marginal benefit equals marginal cost. D) the deadweight loss equals the sum of consumer surplus and producer surplus.
Paul's Plumbing is a small business that employs 12 people. Which of the following is most likely to be a fixed cost for Paul's Plumbing?
a. The tax and insurance payments on the property owned by the firm. b. The wages paid to the 12 employees. c. The payroll taxes on the wages of the 12 employees. d. The salary paid to Paul, who is the manager of the firm.