The minimum supply price, the lowest price at which a producer is willing to supply an additional unit of a good, is:
A: less than the marginal revenue for the additional unit.
B: the price at which producer surplus is maximized.
C: the marginal cost of producing the additional unit.
A: less than the marginal revenue for the additional unit.
B: the price at which producer surplus is maximized.
C: the marginal cost of producing the additional unit.
举一反三
- Producer surplus is equal to: A: the difference between the highest market price consumers are willing to pay for a product and the minimum amount producers are willing to accept for that product. B: the difference between the market price consumers are willing to pay for a product and the actual price they pay. C: the price a producer receives for a product minus the marginal cost of production. D: the economic profit earned from the sale of a good, minus its marginal cost of production.
- The marginal product of an input in the production process is the increase in A: total revenue obtained from an additional unit of that input. B: quantity of output obtained from an additional unit of that input. C: profit obtained from an additional unit of that input. D: total revenue obtained from an additional unit of that input.
- Which of the following is the least likely outcome when a monopoly adopts perfect price discrimination because of the customers’ differing demand elasticities（） A: The monopolist shares the total surplus with consumers. B: The price for marginal unit is less than the price for other units. C: The output increases to the point at which price equals the marginal cost.
- Monopolists will maximize profit by producing at an output level where which of the following conditions exists（） A: Price = marginal revenue = marginal cost. B: Price = demand = marginal revenue = marginal cost. C: Marginal revenue = marginal cost ＜ price.
- Suppose the demand and supply curves for good X are both linear. And, the demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is $________, total producer surplus is $_________, and total social surplus is $_____________. A: $144,000; $120,000; $264,000 B: $672,000; $144,000; $384,000 C: $120,000; $144,000; $264,000 D: $28; $6; $16 E: $144,000; $672,000; $384,000