The price ceiling depicted in the above figure results in
A) consumer surplus increasing from 30 thousand to 34.5 thousand.
B) producer surplus decreasing from 24 thousand to 6 thousand.
C) a deadweight loss of 16 thousand.
D) Both answers A and B are correct.
Question 2
If economic profit is equal to zero, then
A) the entrepreneur's profit as measured by accountants is also equal to zero.
B) the entrepreneur's profit as measured by accountants must be less than zero.
C) the entrepreneur is making only a normal profit.
D) The entrepreneur's profit cannot be determined based on the information given.
Graphic display of hypothetical results of a predator removal experiment.
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Swimming Pool (Figure 3.1)