Answer:
"$2,500" is the appropriate answer.
Explanation:
The question given seems to be incomplete. Below there is a attachment of full question is provided.
The given values are:
Plywood's price,
= $6 per sheet
Price falls,
= $4
Now,
At price $6, the consumer surplus will be:
= 
= 
= 
($)
When price falls, the consumer surplus will be:
= 
= 
= 
($)
Hence,
The increase in consumer surplus will be:
= 
= 
($)
Answer:
The answer is B. standardized products
Explanation:
Monopolistic Competition has the following characteristics :
1. There large numbers of buyers and sellers
2. The products offered by sellers are close substitutes for the products offered by another seller.
3. The costs associated with entry and exit are low.
4. Sellers differentiate their products through advertising, branding etc.
Know that the most distinguishable factor in this market is product differentiation or standardized products.
The extent to which the seller is successful in product differentiation determines pricing power in the market.
The demand curve in this market is downward sloping i.e increase in price will lead to decrease in quantity demanded. This market is similar to perfectly competitive market.
The economic profit will fall to zero in the long run because the entry costs are not high.
Answer:
B. Both of these techniques can be used to increase the demand for the product.
Explanation:
A catchy brand name and adequate marketing of a product plays a vital role in the relative demand of that product. Coca cola for example has properly advertised its products for decades now and when one thinks of beverage, you think Coke. It's been embedded in ones mind and that is the advantage of proper advertising and proper brand naming.
Answer:
The Answer is 39.769 miles
