Based on this market producer surplus graph, which of the following production levels would create the greatest market producer surplus at the market price of $5 per unit?
a. 10,000
b. 25,000
c. 49,000
d. 51,000
c. 49,000
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Fill in the blank: By 2011, U.S. GDP was approximately ________ times greater than it had been in 1820, while GDP in India was approximately ________ times greater than it had been in 1820
A) 50; 40 B) 775; 10 C) 200; 85 D) 315; 700 E) 5; 10
The price of a gallon of milk falls. Which of the following is a possible cause?
A) a decrease in the price of oatmeal, a complement to milk B) a discovery that milk cause diabetes C) Milk is a normal good and people's incomes rise. D) a drought that reduces supplies of feed grains fed to cows that produce milk
Most economist would consider the marginal private benefit of education is
A) less than the marginal social benefit. B) equal to the marginal social benefit. C) greater than the marginal social benefit. D) equal to the marginal social cost.
Nearly a quarter of China's 1.3 billion people are under the age of 15. How will this affect high school enrollment over the next fifteen years? The labor market over the next fifteen years?
What will be an ideal response?