The Following Figure Shows the Supply Curve of a Firm

question 182

Multiple Choice

The following figure shows the supply curve of a firm that manufactures shoes.

-Refer to the figure above.What is the producer surplus when the price is $70?

• A) $800
• B) $1,600
• C) $2,000
• D) $2,800

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Definitions:

Union Responsibilities

Obligations of labor unions, including representing members, negotiating labor contracts, and protecting workers' rights and interests.

Collective Agreements

Contracts between employers and trade unions outlining terms of employment, working conditions, and employee rights.

Working Conditions

Facts about the situation in which the worker acts; includes physical environment, hours, hazards, travel requirements, and so on, associated with a job.

Comprehensive Benefit Packages

An extensive range of employee benefits, including health insurance, retirement plans, and other perks, provided by an employer.