Which of the following expressions can be used to calculate the producer surplus (PS)?
A) PS = profit output
B) PS = profit + fixed cost
C) PS = variable cost - fixed cost
D) PS = average cost output
D
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Since 1925, the longest recession in the United States lasted:
A. 120 months. B. 43 months. C. 60 months. D. 21 months.
In a particular year, if the price level rises by 4 percent and the nominal wage of workers rises by 6 percent, we can conclude that the real wage has: a. fallen by 2 percent
b. fallen by 10 percent. c. increased by 2 percent. d. increased by 10 percent. e. remained constant.
Under a system of laissez faire, output selection is determined by consumers' wants
a. True b. False Indicate whether the statement is true or false
Suppose that real domestic output in an economy is 2400 units, the quantity of inputs is 60, and the price of each input is $30. The per-unit cost of production is:
A. $2.00. B. $0.75. C. $0.50. D. $0.25.