The Schedule Below Represents the Willingness of a Typical Vintner

question 88

Multiple Choice

The schedule below represents the willingness of a typical vintner to produce wine in a year. Suppose there are 100 identical producers in the market.
TABLE 6-4

-Refer to Table 6-34. If the market price of wine is $20, what is the total producer surplus equal to?

• A) $1 000 000
• B) $2 000 000
• C) $3 000 000
• D) $4 000 000

---

Definitions:

Play Stage

The second stage in Mead’s theory of the development of self wherein children pretend to play the role of the particular or significant other.

Game Stage

The third stage in Mead’s theory of the development of self wherein children play organized games and take on the perspective of the generalized other.

Generalized Other

A concept in sociology referring to the general societal expectations and attitudes that individuals use to understand others' viewpoints and to guide their own behavior.

Looking-glass Self

A social psychological concept suggesting that an individual's self-concept is shaped by how they believe others perceive them.