(Table: Barrels of Oil) Refer to the Table

question 102

Multiple Choice

(Table: Barrels of Oil) Refer to the table. What is the marginalrevenue of producing the fifth barrel of oil?

• A)61
• B)50
• C)200
• D)250

---

Definitions:

Shortage

A shortage occurs when the demand for a product exceeds the supply of that product at a specific price.

Price Floor

A government-imposed minimum price charged for a commodity, aimed at preventing prices from falling too low.

Surplus

In economic terms, it refers to the amount by which production, assets, or resources exceed the portion used, often leading to excess supply in markets.

Shortage

A condition where the market's demand for a good or service outstrips its supply.