What would be the profits for Irene's Dairy in equilibrium?

Producer surplus is the difference between what the producer receives for a good or service and what the producer is willing to receive

a. True b. False Indicate whether the statement is true or false

Which of the following is a major implication of the invisible hand concept?

a. When directed by competitive market prices, the actions of self-interested individuals will tend to promote overall economic prosperity. b. Prosperity cannot be achieved unless the selfish nature of people can be changed. c. Competition is harmful to the health of an economy because it results in wasteful duplication. d. Government-operated firms tend to have higher efficiency and lower costs than private sector firms.