Social surplus is:
A) the product of consumer surplus and producer surplus.
B) the consumer surplus minus producer surplus.
C) the ratio of consumer surplus to producer surplus.
D) the sum of consumer surplus and producer surplus.
D
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A country has a comparative advantage in producing a good when it has the lowest opportunity cost of producing that good
a. True b. False Indicate whether the statement is true or false
Which of the following is true when the federal government is running a budget deficit?
What will be an ideal response?
Number of EmployeesTotal Output16211315418520Table 16.2 Table 16.2 gives the number of oil changes that can be performed at a local oil change business based on the number of employees hired. If the price of an oil change is $20, what is the marginal revenue of the third employee?
A. $80 B. $5 C. $360 D. $40
During a bank crisis:
A. a bank will go to the central bank for a loan before going to other banks. B. it is easy to determine the market prices of bank's assets. C. officials at the Federal Reserve find it easy to sort out solvent from insolvent banks. D. it is important for regulators to be able to distinguish insolvent from illiquid banks.