The producer surplus of making and selling 10 chairs is found by
A) multiplying the selling price by 10.
B) subtracting the marginal cost from the selling price for each chair and summing the differences for all 10 chairs.
C) subtracting from the total revenue the cost of producing one chair multiplied by 10.
D) adding the marginal cost and the price of all 10 chairs.
E) None of the above answers is correct.
B
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Economic regulation occurs when:
a. monopoly is the optimal market structure b. the industry is highly competitive c. the product is important to economic welfare d. the government owns the assets of the industry e. the product price, if left unregulated, would be too low
The underemployed are defined as people who have:
a. full-time jobs and who are looking for other full-time permanent employment that pays at a higher rate. b. only part-time or temporary jobs and who are looking for full-time, permanent employment. c. stopped looking for employment even though they may be capable of holding a part-time job. d. multiple full-time jobs and/or part-time jobs but are still counted as employed.