I need help Please woth questions 11-13:)

Blackboard maining Time: 1 hour, 14 minutes, 16 seconds. uestion Completion Status: QUESTION 11 The difference between the maximum price the consumer is willing to pay and the price the consumer actually pays for a product is referred to as: O a. market shortage. O b. market surplus. O c. consumer surplus. O d. producer surplus. QUESTION 12 Wealth creating transactions are more likely to occur O a. With private property rights O b. With contract enforcement O c. Both a and b O d. None of the above QUESTION 13 a. $170,050,000 A business incurs the following costs per unit: Labor $125/unit; Materials $45/unit and rent $250,000/month. If the firm produces 1,000,000 units a month, the total costs equal b. $170,250,000 O c. $125,050,000 O d. $125,250,000 QUESTION 14 A company invested $400,000 in a technology that reduced the overall costs of production by reducing their cost per unit from $2 to $1.85. Later, a manager has an opportunity to outsource production to another company at a cost per unit of $1.75. If you are the manager, you O a. should consider the $400,000 as a sunk cost, not relevant to the decision. b. should reduce his effort by ignoring any new developments and letting the production run as it is. Click Save and Submit to save and submit. Click Save o save all answers