The difference between the actual price that a producer receives and the minimum acceptable price a producer is willing to accept is:
A. The consumer surplus
B. The producer surplus
C. Allocative efficiency
D. Productive efficiency
B. The producer surplus
You might also like to view...
Which of the following defines economics? Economics is the social science that studies ___________
A. the best way of eliminating scarcity B. the choices made to cope with scarcity, how incentives influence those choices, and how the choices are coordinated C. how money is created and used D. the inevitable conflict between self-interest and the social interest
How do the Fed's actions influence the inflation rate and how long does it take for inflation to respond to the Fed's policy changes?
What will be an ideal response?
The latent poor are not included in the official poverty count as poor
Indicate whether the statement is true or false
A flexible or floating exchange rate system is one in which the:
a. government closely monitors and controls the value due to the impact on trade flows. b. government makes no attempt to fix it against any base currency. c. government actively tries to achieve fluctuations in the rate. d. government fixes the rate against the currency of its largest trading partner.