If the market price of a basketball is $35 and the full cost of producing it is $20, then a basketball producing firm gets producer surplus of
A. 1 basketball.
B. $35.
C. $20.
D. $15.
Answer: D
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An individual’s demand schedule
A. provides information about what quantity a consumer is willing and able to buy at each price. B. tells a buyer how many other buyers will try to purchase an item. C. is a schedule that regulates monthly sales of scarce goods and services. D. is of no use without its accompanying supply schedule.
Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?
A) $30 and 20 thousand B) $60 and 30 thousand C) $20 and 60 thousand D) $20 and 30 thousand
First, explain why the money demand curve is downward sloping. Second, explain what factor(s) will cause shifts in the money demand curve
What will be an ideal response?
The De Beers Company blocked competition
A) in the diamond market by controlling the output of most of the world's diamond mines. B) by controlling the supply of most of the world's high-quality bauxite, the mineral used to produce aluminum. C) in the market for fresh and frozen cranberries because it controls about 80 percent of the cranberry crop. D) because it has lower production costs than other department stores due to economies of scale.