Refer to Figure 4-8. What is the value of producer surplus after the imposition of the ceiling?
A) $40,000 B) $100,000 C) $300,000 D) $430,000
A
You might also like to view...
Timmy can edit 2 pages in one minute and he can type 80 words in one minute. Olivia can edit 1 page in one minute and she can type 100 words in one minute. Timmy has an absolute advantage and a comparative advantage in editing, while Olivia has an absolute advantage and a comparative advantage in typing
a. True b. False Indicate whether the statement is true or false
Every month when the Bureau of Labor Statistics (BLS) announces the unemployment rate, it also announces the number of jobs the economy has gained or lost. Where does the BLS get the data about jobs?
a. from the survey of 60,000 households, which is called the Current Population Survey b. from the Establishment Survey that measures both frictional and structural unemployment c. from the survey of 160,000 business that have over 40 million workers on their payrolls d. from the Congressional Budget Office, which also calculates the GDP of the United States
The short-run supply curve for a competitive firm is the:
A. segment of the AVC curve lying to the right of the MC curve. B. segment of the MC curve lying above the AVC curve. C. entire MC curve. D. segment of the MC curve lying below the AVC curve.
Which one of the following is not a retaliation strategy that firms would apply to one that cheated on a price-fixing scheme by selling at a price below the agreed-upon fixed price?
A. All other firms sell at the same low price as the cheating firm. B. All other firms sell at a price that ensures zero economic profit for all firms. C. Each period, all other firms sell at the price picked by the cheater in the previous period. D. All other firms would reduce their output.