Table 7-7
The only four producers in a market have the following cost:

-Refer to Table 7-7.If Charlie,Quinn,and Wrex sell the good,and the resulting producer surplus is $300,then the price must have been

Question

Table 7-7
The only four producers in a market have the following cost:
 
-Refer to Table 7-7.If Charlie,Quinn,and Wrex sell the good,and the resulting producer surplus is $300,then the price must have been

Quizplus · Accepted Answer

The producer surplus is the difference between what producers are willing to accept and what they actually receive. If Charlie, Quinn, and Wrex sell the good and the total producer surplus is $300, the price must have been $200, as this would allow for a surplus of $300 when considering their respective costs.

Table 7-7 The Only Four Producers in a Market Have the Following