What does the supply curve tell us about the producer's minimum supply price?
What will be an ideal response?
For any quantity, the vertical distance between the supply curve and the x-axis shows the minimum price that suppliers must receive to produce that quantity of output. As a result, the price is the marginal cost of the last unit produced at this level of output.
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The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about
a. 600 households. b. 6,000 households. c. 60,000 households. d. 6,000,000 households.
Use the following graph, where Sd and Dd are the domestic supply and demand curves for a product, to answer the next question.
The world price of the product is $6. If the market is open to international trade but there is a tariff of $2 per unit imposed, the total government revenue generated by the tariff would be
A. $100. B. $60. C. $80. D. $40.