Cost, Price, and Producer Surplus
1) Explain the difference between the words "value," "price," and "cost."
2) The supply curve is the same as another curve. What other curve is the same as the supply curve? Why are the curves the same?
3) What is producer surplus?
4) What must be true for a producer to obtain a producer surplus from the sale of a unit of a good?
5) If the price of a visit to Sea World exceeds the marginal cost of the visit by $13, a producer surplus exists for Sea World." Is this statement true or false?
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