In Exhibit 112, total resource earnings at equilibrium equal
A)$40
B)$60
C)$400
D)$1,000
E)$300

Name: In Exhibit 112, total resource earnings at equilibrium equal A)$40 B)$60 C)$400 D)$1,000 E)$300
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Question

In Exhibit 11­2, total resource earnings at equilibrium equal
A)$40 
B)$60 
C)$400 
D)$1,000 
E)$300

Quizplus · Accepted Answer

At equilibrium, the total quantity of resources demanded equals the total quantity of resources supplied, which is 10 in this case. The equilibrium price is $100 per unit of resource. Therefore, the total resource earnings at equilibrium equal $100 x 10 = $1,000.

In Exhibit 11­2, Total Resource Earnings at Equilibrium Equal

In Exhibit 112, Total Resource Earnings at Equilibrium Equal