If the price is greater than the marginal cost of producing a good, the seller has
A) no benefit from the sale.
B) a loss.
C) some producer surplus from the sale.
D) some negative consumer surplus from the sale.
E) None of the above answers is correct.
C
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Which of the following will increase the break-even quantity?
a. A decrease in overall fixed costs b. A decrease in the marginal costs c. A decrease in the price level d. An increase in price level
Implicit costs are best thought of as the entrepreneur's
a. variable costs b. marginal costs c. accounting costs d. opportunity costs e. sunk costs
A monopoly is most likely to emerge and be sustained when:
A. economies of scale are large relative to market demand. B. firms have U-shaped average total cost curves. C. output demand is relatively elastic. D. fixed capital costs are small relative to total costs.
The relationship between the wage and the quantity of labor that a given worker is willing to provide is called:
A. individual labor demand. B. market labor demand. C. individual labor supply. D. market labor supply.