Use the Following to Answer Question

question 166

Multiple Choice

Use the following to answer question:
-(Figure: Producer Surplus III) Look at the figure Producer Surplus III.If the price of the good is $2,producer surplus will equal:

• A)$20.
• B)$40.
• C)$60.
• D)$80.

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Definitions:

Productivity

The measure of the efficiency of production, often quantified as the ratio of outputs produced to inputs used in the production process.

Factor Labor

This refers to the human effort, both physical and mental, used in the production of goods and services.

Market Wage

The prevailing rate of pay for given types of work or specific occupations in a particular geographic or sectoral labor market.

Brewmasters

Brewmasters are professionals skilled in the brewing of beer, overseeing the production process from ingredient selection to fermentation and final product tasting.