Author Question: The highest price you are willing to pay for a pair of jeans is 20 . However, you are able to ... (Read 70 times)

danielfitts88 · **on:** Jun 30, 2018

The highest price you are willing to pay for a pair of jeans is 20 . However, you are able to purchase it for 14 . This implies 6 is the producer surplus.
Indicate whether the statement is true or false

Question 2

In the long-run, the entry of new firms in a competitive market shifts the aggregate supply curve to the left.
a. True
b. False
Indicate whether the statement is true or false