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choco1433 choco1433
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Short description: A graph plots quantity in the number of hours gardening service per month against price in dollars per month. Long description: The horizontal axis representing quantity in the number of hours of gardening service per month ranges from 1000 to 8000, in increments of 1000. The vertical axis representing price in dollars per hour ranges from 10 to 70, in increments of 10. The graph plots two lines. An increasing line representing supply begins at (0, 0) and passes through the following points: (2000, 15), (4000, 30), (6000, 45), and (8000, 60). A decreasing line representing demand passes through the following points: (0, 70), (2000, 50), (4000, 30), (5000, 20), and (6500, 5). Vertical and horizontal dashed lines are drawn from the points, (2000, 50) and (4000, 30) to meet the axes. The region within the vertices, (0, 70), (0, 50), and (2000, 50) is numbered 1. The region within the vertices, (0, 30), (0, 50), (2000, 50), and (2000, 30) is numbered 2. The region within the vertices, (0, 15), (0, 30), (2000, 30), and (2000, 15) is numbered 3. The region within the vertices, (0, 0), (0, 15), and (2000, 15) is numbered 4. The region within the vertices, (0, 0), (2000, 0), and (2000, 15) is numbered 5. The region within the vertices, (2000, 30), (2000, 50), and (4000, 30) is numbered 6. The region within the vertices, (2000, 15), (2000, 30), and (4000, 30) is numbered 7. The region within the vertices, (2000, 0), (2000, 15), (4000, 0), and (4000, 30) is numbered 8. The region to the right of the vertices, (4000, 0) and (4000, 30) is numbered 9. Note: all values are approximate.

FIGURE 5-5

Refer to Figure 5-5. If production and consumption of gardening services were 5000 hours per month,



▸ the value placed by consumers on the last 1000 hours is less than the additional costs associated with their provision.

▸ this market is not achieving efficiency.

▸ the provision of the last 1000 hours would decrease the amount of economic surplus in this market.

▸ the resources going into the last 1000 hours of gardening service would be more highly valued elsewhere.

▸ all of the above.
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Microeconomics

Microeconomics


Edition: 17th
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doquangnhatdoquangnhat
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choco1433 Author
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A year ago
This helped my grade so much Perfect
jasonbourne
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I appreciate what you did here, answered it right Smiling Face with Open Mouth
ezsancheezy
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Thanks
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