Farmer Jones knows that the marginal cost to produce a bushel of tomatoes is $5 per bushel. He also knows that a consumer is willing to pay a maximum of $9 for the bushel. The price of the bushel is $6 and Farmer Jones sells his bushel for $6
On this bushel, Farmer Jones earns a producer surplus equal to A) $1.
B) $3.
C) $5.
D) $6.
A
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Techniques for estimating demand curves using direct observations from the marketplace are part of a family of statistical techniques referred to as:
a. legal studies. b. Econometrics. c. policy analysis. d. Economic expansion.
The three basic legal forms of business enterprise are
a. monopolists, competitors, and enterprises. b. vertical, horizontal, and conglomerate corporations. c. conglomerates, multinationals, and partnerships. d. proprietorships, partnerships, and corporations.
Minimum-wage laws matter most for the least skilled and least experienced members of the labor force, such as teenagers
a. True b. False Indicate whether the statement is true or false
Some say economic competition will continue to drive globalization, largely because any states hoping to get ahead will be pushed to accept
a. free trade. b. capitalism. c. democracy. d. collaboration.