Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. The equilibrium price and quantity for Bubba's Fried Jellybeans are $40 and 5 thousand units
What is the value of economic surplus in this market?
A) $5 thousand B) $12.5 thousand C) $25 thousand D) $37.5 thousand
D
Economics
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A single-price monopolist maximizes profits by producing the output at which
A) price equals marginal cost. B) price equals marginal revenue. C) marginal revenue equals marginal cost. D) marginal cost equals average cost.
Economics
A U.S. citizen buys a tea kettle manufactured in China by a company that is owned and operated by U.S citizens. In which of the following components of U.S. GDP is this transaction accounted for?
a. consumption and imports b. consumption but not imports c. imports but not consumption d. neither consumption nor imports
Economics