Producing a Soccer Ball Costs Jake $5

question 152

True/False

Producing a soccer ball costs Jake $5. He sells it to Darby for $35. Darby values the soccer ball at $50. For this transaction, the total surplus in the market is $40.

Understand the concepts of marginal and average products of labor.

Recognize how firms make decisions on output supply and production methods.

Understand the role of market price of output, input prices, and technology in determining production decisions.

Know the difference between long run and short run in economic terms.

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Definitions:

Lingual Frenulum

A fold of mucous membrane located under the tongue, which assists in the mobility and positioning of the tongue.

Vestibule

A space or cavity at the entrance of some structures in the body, such as the mouth, ear, or nose.

Gingivae

Also known as gums, these are the soft tissues that surround and protect the teeth in the mouth.

Papillae

Projections on the surface of the tongue that contain taste buds, involved in the sensation of taste.