What does consumer surplus refer to?
a. the price a consumer actually pays for a good
b. the cost of producing one additional unit of a good
c. the difference between what a producer is actually paid for a good and the cost of producing one unit of that good
d. the difference between what a consumer is willing and able to pay for an additional unit of a good and what he or she actually pays
d. the difference between what a consumer is willing and able to pay for an additional unit of a good and what he or she actually pays
You might also like to view...
From 1900 to 1960, Latin America's real GDP grew
A) slower than Europe, Asia, and the U.S. B) as fast or faster than Europe, Asia, and the U.S. C) faster than Europe and the U.S. but slower than Asia. D) faster than Asia, but slower than Europe and the U.S.
Cournot and Stackelberg oligopolies are similar in that they ________.
A) both compete on price B) both compete on marginal cost C) do not compete D) both compete on quantity
Accounting profits are calculated by subtracting which of the following from total revenues?
a. Explicit costs, including depreciation b. Total costs c. The sum of explicit and implicit costs d. Implicit costs, excluding depreciation
Conditional cash transfer programs are programs in which:
A. financial support is given only to people who have paid into the program for a minimum amount of time. B. financial support is given only to people who engage in certain actions. C. financial support is given only to people who agree to pay it back at reduced interest to the government in the future. D. None of these is true.