The Marginal Cost of Producing an Additional Basket of Tomatoes

question 24

Multiple Choice

The marginal cost of producing an additional basket of tomatoes is $5.00.The consumer is willing to pay a maximum of $9.00 for an additional basket.A farmer sells a basket of tomatoes for $6.00 each.The farmer receives a producer surplus from selling an additional basket of tomatoes equal to

• A)$1.00.
• B)$3.00.
• C)$4.00.
• D)$5.00.
• E)$9.00.

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Definitions:

Witness's Credibility

Refers to the believability of a witness based on their honesty, reliability, and consistency in testimony.

Appellate Court

A higher court that reviews the decisions of lower courts to ensure that the law was applied correctly and justice was served.

Lower Court

A court of law that has limited jurisdiction or authority and is below a higher court in the judicial hierarchy.

Judgment

A formal decision or finding made by a court of law at the conclusion of a lawsuit.