Producer surplus for the whole market can be thought of as
A) total profit.
B) variable operating profit plus factor rents.
C) total profit minus factor rents earned by lower cost firms.
D) total profit plus factor rents earned by lower cost firms.
D
You might also like to view...
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
What is job search and what is the relationship between job search and unemployment? What factors can affect the amount of job search? Briefly discuss the effect of each factor
What will be an ideal response?
Because workers in the United States work fewer hours per week, on average, than they did over 100 years ago
A) GDP is lower than it would be if U.S. workers worked the same workweek they had 100 years ago. B) workers in the United States are worse off than they were over 100 years ago. C) GDP is higher than it would be if U.S. workers worked the same workweek they had 100 years ago. D) workers in the United States earn less income than they did over 100 years ago.
A perfect price discriminating equilibrium maximizes
A) consumer surplus. B) the associated deadweight loss. C) the market inefficiency. D) total welfare.