Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $30, producer surplus is
A) $0. B) $16. C) $52. D) $68.
D
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In which of the following situations would GDP not change?
A. Domestic consumers begin to buy less imported wine, and instead spend just as much money on domestically produced wine. B. More and more domestic consumers opt to build a new home, rather than spending the same money on an already existing home. C. Without reducing the number of automobiles sold, domestic automobile producers decide to reduce the number of automobiles they produce, rather than producing cars that would end up as unsold inventory. D. As domestic consumers buy fewer tobacco products, tobacco manufacturers instead sell their products, at the same price, to foreign buyers.
The alternative combinations of two goods that a consumer can purchase with a specific money income is shown by
What will be an ideal response?
The highest-valued alternative that must be given up to engage in an activity is the definition of
A) utility. B) implicit cost. C) opportunity cost. D) economic sacrifice.
The years from ______ to ________ marked our economy's longest decline in real wages.
Fill in the blank(s) with the appropriate word(s).