The goal of the business firms in a market economy is to maximize
A. Total sales.
B. Total utility.
C. Total profits.
D. Total welfare.
Answer: C
Economics
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Answer the following questions true (T) or false (F)
1. There will be no deadweight loss if the marginal benefit to consumers is equal to the marginal cost of production and the sum of consumer surplus and producer surplus is maximized. 2. If marginal benefit is less than marginal cost, output is inefficiently high. 3. The difference between consumer surplus and producer surplus in a market is equal to the deadweight loss.
Economics
The accompanying figure shows the demand curve for a product that can be sold only in whole-number amounts.
At a price of $25 per unit, what would be the total consumer surplus in this market each day?
A. $15 B. $5 C. $30 D. $0
Economics