-In the Table Above, If There Are 80 Umbrellas Produced

question 367

Multiple Choice

-In the table above, if there are 80 umbrellas produced, the deadweight loss from the 80th umbrella is

• A) $10.
• B) $20.
• C) $30.
• D) $40.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, reflecting additional benefit to producers.

Tariff

A tariff is a tax imposed by a government on imported or exported goods, often used to protect domestic industries or to generate revenue.

Trade

The exchange of goods, services, or both, between parties, either within an economy or between economies.

Price

The amount of money expected, required, or given in payment for something, reflecting its value, cost of production, and market demand.