Table 5.3 -Refer to Table 5.3.The Table Above Lists the Marginal Cost

question 128

Multiple Choice

Table 5.3
-Refer to Table 5.3.The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specialises in producing fancy dress costumes.If the price of cowboy hats increases from $38 to $46,

• A)consumers will buy no cowboy hats.
• B)the marginal cost of producing the third cowboy hat will increase to $46.
• C)producer surplus will rise from $22 to $46.
• D)there will be a surplus of cowboy hats.

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Definitions:

Bright Light

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The physical, mental, and behavioral changes that follow a 24-hour cycle, responding primarily to light and darkness in an organism's environment.

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The transition from wakefulness into sleep, a natural periodic state of rest for the mind and body.

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The lack of skill, means, or capacity to perform a specific task or action.