The total producer surplus in the entire market is given by the:
A) product of the individual seller's surplus.
B) sum of all the individual sellers' producer surplus.
C) area between the market supply curve and the market demand curve.
D) area between the market demand curve and the price line.
B
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If a public service commission requires a natural monopoly to set its price equal to the long-run marginal cost, this will result in
A. normal economic profits to the monopoly. B. losses to the monopoly. C. either economic profits or losses, depending on the efficiency of the monopoly. D. excessive economic profits to the monopoly.
An example of an intermediate good would be
A) the bread that goes into a sub sandwich that is sold by Quiznos. B) the soda pop sold by Quiznos. C) a sub sandwich sold by Quiznos. D) the potato chips sold by Quiznos.
Refer to the data. Average product is at a maximum when:
Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed.
A. five workers are hired.
B. four workers are hired.
C. three workers are hired.
D. two workers are hired.
The United States is an example of a ______________ economy.
Fill in the blank(s) with the appropriate word(s).