The minimum price that producers must receive to induce them to produce another unit of a good or service is equal to the good's ___________.   Question 1 options:   a)  marginal cost   b)  marginal benefit   c)  producer surplus

Q: Producer surplus is the difference between what consumers are willing to pay produce and what they…

A: The point of equilibrium denotes a conceptual condition of rest where all economic factors that…

Q: An upward-sloping supply curve shows that: (a) Buyers are willing to pay more for particularly…

A: The supply curve refers to a curve that indicates the quantities of any good or service that a…

Q: ach point on a demand curve shows A) the willingness of consumers to purchase a product at different…

A: The demand curve depicts the inverse relationship between price and quantity demanded, keeping other…

Q: A market is described by the following supply and demand curves: Supply: P=0.25Q Demand:…

A: Answer to the question is as follows:

Q: Which of the following statements is correct? A) An increase in price decreases consumer surplus. B)…

A: Demand curve shows quantity demanded by consumers at various prices. Its slopes downward and it…

Q: Recently, the price of fuel has increased in Bangladesh. At the same time the Government of…

A: Petrol and Car are complementary goods that are consumed jointly . If both goods have directly…

Q: I think the answer to this is C but I am also not sure. The additional benefit to a consumer from…

A: Consumer Surplus: Consumer surplus is the benefits that the consumer receives by purchasing products…

Q: What is economic surplus defined as? A) The total revenue earned by a firm B) The difference between…

A: Economic surplus represents the net benefit gained from market transactions, considering both…

Q: If marginal benefit is equal to marginal cost, then the A) producer surplus is equal to the consumer…

A: Answer: Equilibrium in a market occurs where the marginal benefit is equal to the marginal cost. It…

Q: Once the buyer and seller agree on a price and exchange the product, a total surplus is "realized"…

A: In a market, people enter to make economic activities in terms of buying or selling products and…

Q: 1. The government wishes to encourage students to become more literate in economics and is therefore…

A: Original Price and…

Q: This question doesn’t involve any numerical calculation. The USDA considers investing in R&D to make…

A: The social surplus is the sum of producer surplus and consumer surplus and also referred to as total…

Q: 3) The demand for ski lessons is given by D(p) 100-2p and the supply is given by S(p)= 3p. %3D (a)…

A: Welfare economics is a discipline of economics that studies how the allocation of resources impacts…

Q: Given that the demand function P = 240 - 5Q and the supply function P = 40 + 3Q Find: A. Market…

A: a) Equilibrium is a point when the demand curve and supply curve intersects where the price is equal…

Q: When a market is in equilibrium, consumer surplus will equal producer surplus.  Comment on the truth…

A: Consumer surplus is the difference between the maximum amount that a consumer is willing to pay for…

Q: When are Consumer and Producer Surplus at a maximum? A) When a market is in equilibrium B) When…

A: Consumer surplus is an economic gain to the consumer. A consumer gains when the expected price…

Q: Which of the following events would decrease producer surplus? Sellers' costs stay the same and the…

A: Producer surplus is defined as total revenues less total costs. It is the total benefit, producer…

Q: Critically evaluate and explain each statement: An excess of price over marginal cost is the…

A: Marginal-cost pricing, in economics, the practice of setting the worth of a product to equal the…

Q: A. Refer to the graph above. When the market is in equilibrium, consumer surplus is equal to: A) 160…

A: Consumer surplus is the area above the price line and the below the demand curve. Producer surplus…

Q: Explain the Consumer Surplus and Producer Surplus concept. Why this surplus concept is important in…

A: Any market equilibrium in the economy aims at maximizing the total surplus of the agents of the…

Q: Why does producer surplus arise? Consumers buy less of some commodities than they need. Sellers'…

A: Consumer and producer surplus are generated when goods and services are exchanged between buyers and…

Q: V surplus is the difference between the highest price a consumer is willing to pay and the price the…

A: Consumer surplus is the area above the price line and below the demand curve. It shows the…

Q: a) Write down the producer equilibrium conditions (the conditions to reach a maximum level of…

A: Marginal revenue is the measurement of an increase in revenue due to the sale of one extra unit of…

Q: Consumer surplus is a measure of the difference between: a)  The price which a consumer has to pay…

A: The price(p*) and quantity(q*) in the market is decided by the intersection of dd(demand) and…

Q: Region A (the purple shaded area) represents the total producer surplus when the market price is $…

A: Producer surplus (PS) is a microeconomic concept that corresponds to the gains to a seller which…

Q: In a market, the consumer surplus is 800,000 units and the producer surplus is 100,000. Which of the…

A: Here, it is given that at the market operating output level, consumer surplus is 800,000 and…

Q: Good X is produced in a competitive market using input A. Explain what would happen to the supply of…

A: A competitive market is one in which the forces of demand and supply determines the equilibrium…

Q: Which of the following statements is/are TRUE?     (a) At market equilibrium, quantity demanded,…

A: Answer: (a) At market equilibrium, quantity demanded, and quantity supplied are equal. The above…

Q: At Price of $425 per XBOX unit, we would see:   Question 8 options: a excess supply b excess…

A: At equilibrium price for a commodity, the quantity demanded of the commodity equals the quantity…