Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. The equilibrium price and quantity for Bubba's Fried Jellybeans are $40 and 5 thousand units. What is the value of producer surplus?
A) $5 thousand B) $12.5 thousand C) $25 thousand D) $37.5 thousand
B
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The rule of 70 estimates how long it will take a country to:
A. double its real GDP per capita. B. achieve zero inflation. C. reach its maximum production capacity. D. double its output.
Products produced in oligopoly markets can be homogeneous.
Answer the following statement true (T) or false (F)
Which of the following is a primary concern of social regulation?
A. Price fixing B. Per se violation C. Product design D. Industry concentration
Suppose the table below describes the relationship between price and quantity demanded for a monopolist.QuantityPrice1$102$93$84$75$66$57$48$3 If the marginal cost of producing each unit of output is $5, then the socially optimal level of output is ________.
A. 3 units B. 4 units C. 7 units D. 6 units