The figure illustrates the market for hot dogs on Big Foot Island. The producer surplus is ________
A) $240 an hour
B) $180 an hour
C) $1.20 a hot dog
D) $60 an hour
D
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The five most important variables that determine the level of consumption are
a. disposable income, wealth, expected future income, price level, and interest rate b. wealth, savings account balances, checking account balances, stock portfolio balances, and bond portfolio balances c. government purchases, interest rates, income, taxes, and transfers d. government purchases, saving account balances, wealth, interest rates, portfolio balances
A country opens up to trade and imports clothing. In the clothing market, surplus has been redistributed from
A) producers to consumers. B) consumers to producers. C) government to consumers. D) producers to government.
One way of overcoming the problem of the commons is to make it private property
Indicate whether the statement is true or false
Altering the demographic of your workforce in a manner that increases the labor force, like raising a legal minimum retirement age, is likely to:
A. lead to a higher level of income for a country. B. lead to a sustainable high rate of growth in income for a country. C. create more productive workers in all facets of the economy. D. All of these are true.