Efficiency in a market is achieved when A. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs. B. all firms are producing the good at the same low cost per unit. C. no buyer is willing to pay more than the equilibrium price for any unit of the good. D. the sum of producer surplus and consumer surplus is maximized.

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.

Job 456 was recently completed. the following data have been recorded on its job cost sheet: direct materials $ 2,418 direct labor-hours 74 labor-hours direct labor wage rate $ 13 per labor-hour machine-hours 137 machine-hours the corporation applies manufacturing overhead on the basis of machine-hours. the predetermined overhead rate is $14 per machine-hour. the total cost that would be recorded on the job cost sheet for job 456 would be: multiple choice $3,380 $5,298 $6,138 $2,622

One of the growers is excited by this advancement because now he can sell more crops, which he believes will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market. using the midpoint method, the price elasticity of demand for soybeans between the prices of $5 and $4 per bushel is , which means demand is between these two points. therefore, you would tell the grower that his claim is because total revenue will as a result of the technological advancement.