The Market Price of a Good Is $10 and 40

question 179

Multiple Choice

The market price of a good is $10 and 40 units of the good sell at this price. Its demand curve intersects the vertical axis at a price of $12 and has a constant slope. What is the approximate value of consumer surplus in this market?

• A) $20
• B) $30
• C) $40
• D) $50

Understand the purpose and process of union decertification.

Recognize the types of employees excluded from union activities according to the NLRB.

Comprehend the concept and implications of card-check provisions.

Identify key issues addressed in contract negotiations pertaining to job security.

---

Definitions:

Average Costs

The total costs divided by the quantity produced or consumed, indicating the cost per unit.

Transfer Prices

The prices at which services, goods, or capital are exchanged between departments or divisions within the same company or between subsidiaries.

Intermediate Products

Goods that are used as inputs in the production of other goods, not intended for final consumption.

Profit Center

A branch or division of a company that is directly responsible for generating its own revenue and profits.