John is willing to sell his car for $3,000 . If the market price of the car is $5,000 . the producer surplus that John will receive is _____

Which of the following describes an oligopoly?

(A) Eight to ten firms producing 90 percent of the output. (B) Four firms producing 70 to 80 percent of the output. (C) One firm producing 95 percent of the output. (D) Eight to ten firms producing 60 to 70 percent of the output.

The available data strongly suggest that, as the "needs" argument would suggest, the demand for health care is virtually perfectly inelastic

Indicate whether the statement is true or false