Use the Following to Answer Questions -(Table: Pumpkin Market)There Are Two Consumers,Andy and Ben,in the Market

question 27

Multiple Choice

Use the following to answer questions : $$\begin{array}{l}\text { Table: Pumpkin Market }\\\begin{array} { l c c c c } \hline \begin{array} { l } \text { Quantity of } \\\text { Pumpkins }\end{array} & \begin{array} { c } \text { Andy's } \\\text { willingness to pay }\end{array} & \begin{array} { c } \text { Ben's willingness } \\\text { to pay }\end{array} & \text { Cindy's cost } & \text { Diane's cost } \\\hline \text { lst pumpkin } & \$ 12 & \$ 11 & \$ 3 & \$ 4 \\\text { 2nd pumpkin } & 10 & 9 & 5 & 6 \\\text { 3rd pumpkin } & 8 & 7 & 8 & 9 \\\text { 4th pumpkin } & 6 & 5 & 10 & 11 \\\hline\end{array}\end{array}$$
-(Table: Pumpkin Market) There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.At the equilibrium price and quantity,the total consumer surplus is:

• A) $10.
• B) $8.
• C) $6.
• D) $0.

Evaluate the effects of technological advancements on employment and wages in various industries.

Differentiate the elasticity of supply in the short run and long run across different resources.

Assess the role of unions and certification requirements on labor supply and wages.

Predict the implications of external market changes on resource demand and supply.

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Definitions:

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