Table 4-3 -Refer to Table 4-3.The Table Above Lists the Marginal Cost

question 152

Multiple Choice

Table 4-3

-Refer to Table 4-3.The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear.If the market price of The Waco Kid's cowboy hats is $40,

• A)The Waco Kid will produce four hats.
• B)producer surplus from the first hat is $40.
• C)producer surplus will equal $28.
• D)there will be a surplus; as a result, the price will fall to $24.

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