Table 5.6 -Refer to Table 5.6.The Equations Above Describe the Demand and the Demand

question 66

Multiple Choice

Table 5.6
-Refer to Table 5.6.The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick.The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units.What is the value of producer surplus?

• A)$100 thousand
• B)$200 thousand
• C)$600 thousand
• D)$800 thousand

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Definitions:

The Amazing Kreskin

A stage name for George Joseph Kresge, an American mentalist who became famous for his television performances that demonstrated seemingly psychic abilities.

Clever Hans

Refers to a horse in the early 1900s that was believed to be able to perform arithmetic and other intellectual tasks, later understood as responding to involuntary cues from humans.

Oskar Pfungst

A psychologist known for his work with clever Hans, a horse that appeared to perform arithmetic.

Wilhelm Wundt

A German psychologist regarded as the father of experimental psychology, known for establishing the first psychology laboratory.