microeconomics ch 5-8
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At Nick's Bakery, the cost to make homemade chocolate cake is $4 per cake. As a result of selling five cakes, Nick experiences a producer surplus in the amount of $17.50. Nick must be selling his cakes for
7.50 each (17.50/5= 3.5 ..... 3.5+4= 7.50)
Cost is a measure of the
sellers willingness to sell
When a tax is imposed on the buyers of a good, the demand curve shifts... a. upward by the amount of the tax b. downward by the amount of the tax c. upward by less than the amount of the tax d. downward by less than the amount of the tax
downward by the amount of the tax