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Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950 Exercise 17
John has been working as a tutor for $300 a semester. When the university raises the price it pays tutors to $400, Emily enters the market and begins tutoring as well. How much does producer surplus rise as a result of this price increase?
A) by less than $100
B) between $100 and $200
C) between $200 and $300
D) by more than $300
A) by less than $100
B) between $100 and $200
C) between $200 and $300
D) by more than $300
Explanation
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Mr. J, works as a tutor, earns $300 a se...
Essentials of Economics 7th Edition by Gregory Mankiw
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