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The seller’s cost of production is ?

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The seller’s cost of production is ?

A. none of these answers.
B. the minimum amount the seller is willing to accept for a good
C. the seller’s producer surplus
D. the maximum amount the seller is willing to accept for a good
E. the seller’s consumer surplus

If a benevolent social planner chooses to producer less than the equilibrium quantity of a good, then ?

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If a benevolent social planner chooses to producer less than the equilibrium quantity of a good, then ?

A. total surplus is maximized
B. the value placed on the last unit production by buyers exceeds the cost of production.
C. producer surplus is maximized
D. the cost of production on the last unit produced exceeds the value placed on it by buyers.
E. consumer surplus is maximized

Producer surplus is the area ?

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Producer surplus is the area ?

A. below the supply curve and above the price
B. below the demand curve and above the supply curve
C. below the demand curve and above the price
D. above the demand curve and below the price
E. above the supply curve and below the price

Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime ?

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Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime ?

A. efficiency Saleem should receive the glove
B. Efficiency Jamil should receive the glove
C. equity Jamil should receive the glove
D. consumer surplus both should receive a glove

Medical care clearly enhance people’s lives. Therefore, we should consume medical care until ?

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Medical care clearly enhance people’s lives. Therefore, we should consume medical care until ?

A. everyone has as much as they would like
B. the benefit buyers place on medical care is equal to the cost of producing it
C. buyers receive no benefit from another unit of medical care.
D. we must cut back on the consumption of other goods.

If a market is efficient then_______?

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If a market is efficient then_______?

A. the market allocates buyers to the sellers who can produce the good at least cost
B. all these answers
C. none of these answers
D. the quantity produced in the market maximizes the sum of consumer and producer surplus
E. the market allocates output to the buyers that value it the most

In general, if a benevolent social planner wanted to maximize the total benefits received by buyers and sellers in a market, the planner should?

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In general, if a benevolent social planner wanted to maximize the total benefits received by buyers and sellers in a market, the planner should?

A. choose a price below the market equilibrium price
B. allow the market to seek equilibrium on its own.
C. Choose any price the planner wants because the losses to the sellers (buyers) from any change in price are exactly offset by the gains to the buyers (sellers).
D. choose a price above the market equilibrium price