Refer to the figure above. What is the market-wide consumer surplus when the market price of calculators is $3?

If the demand curve for a good is horizontal, a tax is levied on this product is

A) split between the buyers and the sellers but not evenly so that either the buyer or the seller pays more. B) split evenly between the buyers and the sellers. C) paid entirely by buyers. D) paid entirely by sellers. E) not paid by either the buyers or the sellers.

What is the difference between marginal product and average product?

A. Marginal product is the additional output that a firm decides to produce for the next quarter based on market conditions. Average product is the average output over the past four quarters. B. Marginal product is the additional output that will be forthcoming from an additional worker, assuming that other inputs are constant. Average product is output per worker, or the total output divided by the number of workers. C. Marginal product is the additional output for every extra dollar paid to workers, assuming that other inputs are constant. Average product is output divided by total wages. D. Marginal product is the additional output that will be forthcoming from building an additional factory. Average product is output per worker, or the total output divided by the number of workers.