Hummel Is a Line of Figurines Based on the Artistic

question 227

Multiple Choice

Hummel is a line of figurines based on the artistic style of German nun Maria Innocentia Hummel and have become a collector's item. The Hummel figurines are almost uniformly "cute." Lukas, Felix, Anya, and Hannah sell Hummel figurines through the internet. Their willingness to sell price for one figurine is: Lukas $240, Felix $180, Anya $150, Hannah $130. Suppose the price of a Hummel figurine is $150, what is Felix's producer surplus?

• A) Felix would not sell his figurine.
• B) $180
• C) $150
• D) $30

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Definitions:

Homogeneity

The quality or state of being all the same or all of the same kind, often used in sociology to describe societies with little cultural diversity.

Economic Freedom

The condition in which individuals have the ability to make their own economic decisions, including what to produce, consume, and exchange.

William Easterly

An American economist, specializing in economic development and a critique of international aid.

Centralization

The process of concentrating control and authority into a central organization or location.