Tina Makumbi imports sesame oil from Ethiopia and sells to a market that has a downward sloping demand curve.The demand curve indicates that some consumers are willing to pay $1.50 or more per pound for the first few pounds, but every consumer gets to buy at the market clearing price of $0.50 per pound. The difference between the most that consumers would pay and the actual amount they do pay is
called
a. exporter surplus
b. trade balance
c. producer surplus
d. consumer equilibrium
e. consumer surplus
E
Economics
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In applying the lower of cost or market rule, the floor is defined as:
a) current replacement cost b) historical cost c) net realizable value d) net realizable value less a normal profit margin
Economics
In the above figure, when the efficient quantity is produced the marginal social cost of the last magazine is
A) $1. B) $3. C) $5. D) some amount not given in the above three answers.
Economics