Producer surplus is the difference between the
A) price and the willingness to pay for the good.
B) price and the marginal cost of producing the good summed over the quantity sold.
C) willingness to pay for the good and the marginal cost of producing the good summed over the quantity sold.
D) marginal benefit of consuming the good and the marginal cost of producing the good summed over the quantity sold.
B
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Economists typically suggest three choices that allow a polluter to decide how to absorb most, or perhaps all, of the social costs of its actions, which are
A) continuing to overproduce the good, lowering the price of the good, or cutting output. B) reducing the pollution-causing activity, changing production techniques, or paying a price to pollute. C) installing pollution abatement equipment, paying to pollute, or just ignoring the issue. D) paying a pollution tax, continuing to use existing production techniques, or continuing the polluting behavior without regard to the social implications.
Which of the following is most important if a country is going to achieve and sustain rapid economic growth?
What will be an ideal response?
A business cycle is actually a continuous series of different...
What will be an ideal response?
The opportunity cost of any business decision is
A. the cost per unit of output. B. accounting cost divided by the level of output. C. the cost of doing business in the future. D. the cost of the next best alternative.