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Table 7-14 -Refer to Table 7-14. You and Your Best Friend Want

Question 247

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Table 7-14 Table 7-14 -Refer to Table 7-14. You and your best friend want to hire a professional photographer to take pictures of your two families. The table shows the costs of the four potential sellers in the local photography market. You and your friend agree to offer $500 for each session. Who accepts the offer, and what is the total producer surplus in the market? A) LeBron and Kobe; $500 B) Kevin and Steve; $500 C) LeBron and Kobe; $300 D) Kevin and Steve; $150
-Refer to Table 7-14. You and your best friend want to hire a professional photographer to take pictures of your two families. The table shows the costs of the four potential sellers in the local photography market. You and your friend agree to offer $500 for each session. Who accepts the offer, and what is the total producer surplus in the market?


A) LeBron and Kobe; $500
B) Kevin and Steve; $500
C) LeBron and Kobe; $300
D) Kevin and Steve; $150

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