Table 7-12 The Only Four Producers in a Market Have the Following

question 213

Multiple Choice

Table 7-12
The only four producers in a market have the following costs:

-Refer to Table 7-12. If Evan, Selena, Angie, and Kris sell the good, and the resulting producer surplus is $700, then the price must have been

• A) $200.
• B) $300.
• C) $500.
• D) $700.

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Definitions:

Odds

The ratio that reflects the likelihood of a particular event happening versus it not happening, often used in gambling and statistics.

Annual Return

The percentage change in an investment's value over a one-year period, including dividends, interests, and capital gains.

Investment

The allocation of resources, usually financial, in something to earn a return or gain profit.

Equal Alternatives

A situation or choice where the options available have the same value or likelihood.