Refer to the graph shown. If the price were somehow held at $8.15 per unit, producer surplus would then equal:
A. 1,400.
B. 1,171.5.
C. 600.
D. 423.5.
Answer: B
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The more substitutes available for a product, the
A) larger is its price elasticity of demand. B) smaller is its income elasticity of demand. C) smaller is its price elasticity of demand. D) larger is its income elasticity of demand.
Exchange rates are for currency what:
a. c, d and e. b. discounts are for sales. c. interest is for capital. d. prices are for apples. e. wages are for labor.
Suppose a perfectly competitive firm's total revenue is equal to $210 and its output is 70 units, when its marginal-cost curve intersects the marginal-revenue curve. What is the marginal revenue earned by the firm?
a. $15 b. $3 c. $30 d. $7 e. $70
Use the information provided in Table 7.4 below to answer the question(s) that follow. Table 7.4Inputs Required to Produce a Product Using Alternative TechnologiesTechnologyUnits of CapitalNumber of EmployeesA 836B 1224C 1616D 24 12Refer to Table 7.4. Which technology is the most capital intensive?
A. A B. B C. C D. D