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question 269

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Use the following to answer question: Use the following to answer question:   -(Table: Lunch) Use Table: Lunch.This table shows market demand for picnic lunches for people taking all-day rafting trips on the river.Suppose that the marginal cost and average cost of each lunch are a constant $4 for all firms in the market.What is consumer surplus in this market in the long run? A) $4 B) $10 C) $180 D) $360
-(Table: Lunch) Use Table: Lunch.This table shows market demand for picnic lunches for people taking all-day rafting trips on the river.Suppose that the marginal cost and average cost of each lunch are a constant $4 for all firms in the market.What is consumer surplus in this market in the long run?


Definitions:

Natural Law

a philosophy proposing that certain rights or values are inherent by virtue of human nature and can be universally understood through human reason.

Social Values

Principles and standards shared by a community that guide behavior and influence societal norms and the functioning of social institutions.

Ordinances

Local laws or regulations enacted by municipal governments to govern behavior and activities within their jurisdiction.

Municipalities

Political subdivisions within a state that have their own government and typically encompass cities, towns, or villages.

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