George produces cupcakes. His production cost is $10 per dozen. He sells the cupcakes for $16 per dozen. His producer surplus per dozen cupcakes is
a. $6.
b. $10.
c. $16.
d. $26.
a
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When neither player has a dominant strategy,
A) game theory will not provide information. B) no Nash-Equilibrium exists. C) at least one Nash-Equilibrium exists. D) the game cannot be analyzed.
The best way to interpret polynomial regressions is to
A) take a derivative of Y with respect to the relevant X. B) plot the estimated regression function and to calculate the estimated effect on Y associated with a change in X for one or more values of X. C) look at the t-statistics for the relevant coefficients. D) analyze the standard error of estimated effect.
The SRAS curve is ____ with real output levels that ____
a. upward sloping; vary positively with the price level b. upward sloping; vary negatively with the price level c. vertical; are equal to the natural level of real output at all price levels d. vertical; can be either greater than or less than the natural level of real output
Unlike recent events in England, the United States has no recent history of bank failures
a. True b. False Indicate whether the statement is true or false