Refer to Figure 9.6. As a result of this policy, producer surplus will be
A) $2000.
B) $3375.
C) $4500.
D) $6000.
E) $12,000.
C
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In an economy where one person receives all the income, the Lorenz curve is
a. the two sides of the right angle triangle b. the diagonal c. a U-shaped curve that lies below the diagonal d. a U-shaped curve that lies above the diagonal e. a downward sloping line from 100 percent of income (on the vertical axis) to 100 percent of population (on the horizontal axis)
Differentiate between a normal (superior) and an inferior good
Please provide the best answer for the statement.
The price elasticity of demand is a measure of
A. the demand for a product holding prices constant. B. the horizontal shift in the demand curve when the price of a good changes. C. the quantity demanded of a good at a given price. D. the responsiveness of the quantity demanded of a good to a changes in the price of the good.
In the short run, the expansion path is
A) horizontal. B) vertical. C) diagonal. D) indeterminate.