Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sues demand and marginal revenue curves are illustrated in the figure above. Sue's Surfboards currently rents 15 surfboards an hour. Sue's total revenue from the 15 surfboards is
A) $300.
B) $225.
C) $150.
D) $10.
C
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Which of the following statements is false?
A) An increase in demand causes equilibrium price and quantity to rise. B) A decrease in demand causes equilibrium price and quantity to fall. C) An increase in supply causes equilibrium price to fall and quantity to rise. D) A decrease in supply causes equilibrium price to rise and quantity to rise.
If two firms form a successful cartel, then the output that the two produce in total will
A. be equal to the output in perfect competition. B. be equal to the output of a monopoly market. C. be greater than the output without the cartel. D. be the same as if the market had many firms.
When the government controls the price of a product, causing the market price to be above the free market equilibrium price,
A. some, but not all, sellers can find buyers for their goods. B. only consumers gain. C. both producers and consumers gain. D. all producers gain.
The trade feedback effect is due to exports from one country causing that country to increase its imports.
Answer the following statement true (T) or false (F)