Solved

Use the Following to Answer Questions Table: Producer Surplus\text {Table: Producer Surplus}

Question 70

Multiple Choice

Use the following to answer questions : Table: Producer Surplus\text {Table: Producer Surplus}
and Phantom Tickets\text {and Phantom Tickets}
 Student  Willingness to Sell  Tim $1 Laura 30 Whitney 50 Ralph 100 Rick 150\begin{array}{lr}\hline \text { Student } & \text { Willingness to Sell } \\\hline \text { Tim } & \$ 1 \\\text { Laura } & 30 \\\text { Whitney } & 50 \\\text { Ralph } & 100 \\\text { Rick } & 150 \\\hline\end{array}

-The total producer surplus in the Ontario dairy market is the:


A) sum of the individual producer surpluses in this market.
B) sum of all prices paid multiplied by the number of litres of milk sold.
C) total revenue of the milk producers in Ontario.
D) total cost of selling milk in Ontario.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents