Refer to figure 4 3 what is the value of producer

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producers decide to cut output to 40 in order to raise the price to $18. Refer to Figure 4-3 . What is the value of producer surplus at the equilibrium price of $15? Select one: a. $160 b. $400 c. $240 d. $80
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4/16/2018 Module 5: Quiz 8/9 Question 9 Incorrect Marked out of 1.00 Figure 4-3 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18. Refer to Figure 4-3 . What is the value of the deadweight loss at the equilibrium price of $15? Select one: a. $60 b. $0 c. $100 d. $40
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4/16/2018 Module 5: Quiz 9/9 Question 10 Correct Marked out of 1.00 A monopolistically competitive firm will Select one: a. charge the same price as its competitors do. b. always produce at the minimum efficient scale of production. c. produce an output level that is productively and allocatively efficient. d. have some control over its price because its product is differentiated. Return to: Module 5
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