16. The difference between the and the from the sale of a product is called prod

Question

16. The difference between the and the from the sale of a product is called producer surplus. a. lowest b. pnce a firm would have been willing to accept; price it actually receives cost to producave been willing to accept; lowest price it was willing to accept c. cost to produce a product; price a firm actually receives d. cost to produce a product; profit received 17. Ecomomists have used the altimatum game and the dictator game in experiments a whether consumers believe it is fair for producers to raise the price of a product for which designed to determine there is excess demand b. whether consumers care about fairness when they make decisions. c. whether consumers understand the difference between implicit costs and explicit costs d. whether consumers understand the rule of equal marginal utility per dollar spent. 18. Refer to the figure above. How much of the tax is paid by sellers? a. $12 b. $7 c. $5 d. $2 EXTRA CREDIT QUESTIONS: (2 points each) Bubble your answers to these questions 19. Which of the following statements is NOT true? a. Price ceilings benefit producers. b. The minimum wage is an example of a price floor c. Price ceilings are prices set by the government below the market equilibrium level. d. The minimum wage laws increase unemployment.

Explanation / Answer

16.d.cost to produce a product; profit received.

17. B

18.a.$12

19.price ceiling benefits the producers

No, price flooring benefits the producers.

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