Which of the following events would decrease producer surplus?
a. Sellers' costs stay the same and the price of the good increases.
b. Sellers' costs increase and the price of the good stays the same.
c. Sellers' costs decrease and the price of the good increases.
d. All of the above are correct.
B
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Suppose bad weather decreases the wheat harvest by 12 percent. If the price elasticity of demand for wheat is 0.6, how would the crop failure affect the price of wheat? Would the crop failure benefit or harm wheat farmers?
What will be an ideal response?
Rising agricultural prices and opportunities to own land provided people with incentives to migrate to the trans-Appalachian states
Indicate whether the statement is true or false
If something happens to alter the quantity supplied at any given price, then
a. we move along the supply curve. b. the supply curve shifts. c. the supply curve becomes steeper. d. the supply curve becomes flatter.
Which of the following is a stock concept?
A. Rent B. Wealth C. Expenditures D. Income