Average product is defined as the

Monthly Rent Apartments Demanded (per Year) Apartments Supplied (per Year) $ 800 5,300 0 1,300 5,100 3,300 1,800 4,900 3,900 2,300 4,700 4,200 2,800 4,500 4,500 3,300 4,300 4,800 Using the table above, what if the city government could enforce a rent control law that sets the maximum rent that could be charged at $1,300? What is the amount of the surplus or shortage?

To maximize profits, farmers anticipating a higher wheat price in the future might

When total utility is at a maximum, marginal utility is zero.

Answer the question based on the following table, which shows a demand schedule. Price Quantity Demanded $ 5 10 4 13 3 15 2 19 1 25 At a price of $4, the total revenues of sellers will be

In a competitive market illustrated by the diagram above, a price ceiling of $10 per unit will result in

Monthly Rent Apartments Demanded per Year Apartments Supplied per Year 500 5,000 0 1,000 4,800 3,000 1,500 4,600 3,600 2,000 4,400 3,900 2,500 4,200 4,200 3,000 4,000 4,500 Using the table above, what if the city government could enforce a rent control law that sets the maximum rent that could be charged at $1,000? What is the amount of the surplus or shortage?

The total revenue received by sellers of a good is computed by

A product has utility if it

Price floors and price ceilings both