In the figure above, the producer surplus is
A) $60,000.
B) $100,000.
C) $40,000.
D) $80,000.
E) $50,000.
C
Economics
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In a market characterized by externalities, the market equilibrium fails to maximize the total benefit to society as a whole
a. True b. False Indicate whether the statement is true or false
Economics
Suppose that when the price of good X increases from $800 to $850, the quantity demanded of good Y increases from 65 to 70 . Using the midpoint method, the cross price elasticity of demand is about
a. -1.2, and X and Y are complements. b. -0.1, and X and Y are complements. c. 0.1, and X and Y are substitutes. d. 1.2, and X and Y are substitutes.
Economics