In the above figure, if the price is P1 and the firm produced Q3, the firm's economic profit is ________ than if it produced Q1 and ________ than if it produced Q2.
A) less; less
B) less; more
C) more; less
D) more; more
Question 2
The annual Great Sofa Round-up is a collaborative event between Colorado State University and the City of Fort Collins aims to help students and neighbors get rid of unwanted furniture, while giving people in need access to inexpensive sofas.
Suppose on the day of the Round-up, your friends take their couches to the main parking lot on campus where the Round-up is held. Raj will not sell his couch for less than 30, Emily will not sell her couch for less than 50, Nara will not sell her couch for less than 20, Sergio just wants to get rid of his couch and he is willing to give it away for free. At the Round-up, potential buyers think that all the couches available are basically the same and they are willing to buy a couch for 25. Who will sell their couch and what is the value of the market producer surplus? A) Nara and Sergio; 30
B) Nara and Sergio; 5
C) Raj and Emily; 30
D) Emily, Nara, and Sergio; 25
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