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:

Nominal Group Technique

A structured method for group brainstorming that encourages contributions from everyone in the group by having members write down their ideas and then collectively discussing and ranking them.

Delphi Technique

A method used to gather data and achieve consensus among experts through multiple rounds of questioning and feedback.

Rational Decision-Making Technique

A systematic approach to make decisions that are logical and based on available information, without letting emotions interfere.

Punctuated Equilibrium Model

A theory in evolutionary biology that posits that species experience long periods of stability interrupted by brief phases of significant change.