Table 7-7
The following table represents the costs of five possible sellers.

-Refer to Table 7-7.If the price is $1,000,
A) Bobby is an eager supplier.
B) Dianne is an eager supplier.
C) Abby's producer surplus is $500.
D) All of the above are correct.

Question

Table 7-7
The following table represents the costs of five possible sellers.
 
-Refer to Table 7-7.If the price is $1,000,
A) Bobby is an eager supplier. 
B) Dianne is an eager supplier. 
C) Abby's producer surplus is $500. 
D) All of the above are correct.

Quizplus · Accepted Answer

At a price of $1,000, Dianne has the lowest cost and therefore would be the eager supplier. Bobby's cost is higher than Dianne's, so he would not be as eager to supply. There is no information given to determine Abby's producer surplus, so option C cannot be correct.

Table 7-7 The Following Table Represents the Costs of Five Possible Sellers