which statement is true and why are the others false.justifyMoving production from a high-cost producer to a low-cost producer will decrease total surplus;TRUESuppose the United States changed its laws to allow for the legal sale of a kidney and the government allowed a free market in organs for transplant then there would be a decrease in the price of a kidney and an increase in the shortage of kidneys for transplant;TRUEIf a good is not being produced by sellers with the lowest cost, then the market reflects inefficiency in the allocation of resources:FALSEAssume there are only three sellers in a particular market. The cost of production for Annie is $50, for Beth it is $40 and for Cathy it is $35. If the price in the market is $45 then Annie will sell the product but Beth and Cathy will not sell. :FALSESuppose favorable weather provides increases apple production. As a result, consumer surplus in the market for orange juice decreases because the supply curve of apple juice shifted to the:FALSEIn a market, for any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay:FALSE

Moving production from high cost producer to low cost producer will decrease total supply: If the…

Answered: which statement is true and why are the…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 2SQP

See similar textbooks

Related questions

Question

which statement is true and why are the others false.justify

Moving production from a high-cost producer to a low-cost producer will decrease total surplus;TRUE
Suppose the United States changed its laws to allow for the legal sale of a kidney and the government allowed a free market in organs for transplant then there would be a decrease in the price of a kidney and an increase in the shortage of kidneys for transplant;TRUE
If a good is not being produced by sellers with the lowest cost, then the market reflects inefficiency in the allocation of resources:FALSE
Assume there are only three sellers in a particular market. The cost of production for Annie is $50, for Beth it is $40 and for Cathy it is $35. If the price in the market is $45 then Annie will sell the product but Beth and Cathy will not sell. :FALSE
Suppose favorable weather provides increases apple production. As a result, consumer surplus in the market for orange juice decreases because the supply curve of apple juice shifted to the:FALSE
In a market, for any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay:FALSE

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions