The Marginal Cost of Producing an Oil Painting Is $1,000

question 46

Multiple Choice

The marginal cost of producing an oil painting is $1,000.The painting sold for $1,500.How much producer surplus did the painter receive?

• A)$1,500
• B)$1,000
• C)$500
• D)zero
• E)$2,500

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Definitions:

Occipital Lobes

Lobes at the lower back part of the brain’s cerebral cortex; they contain areas that receive visual information.

Broca's Area

A region in the frontal lobe of the dominant hemisphere of the brain with functions linked to speech production.

Speech-Production

The complex process involving the coordination of mental and physical activities to produce spoken language.

Left Frontal Lobe

The region of the brain associated with reasoning, motor skills, higher level cognition, and expressive language.