If economists wanted to measure the net gain in economic well-being to producers, they would refer to ______.
a. producer surplus
b. consumer surplus
c. market price
d. deadweight loss
a. producer surplus
You might also like to view...
"I'm tired of eating muffins for breakfast. Today I am trying a bagel." This statement most clearly reflects the: a. ceteris paribus condition
b. the law of supply. c. law of diminishing marginal utility. d. law of comparative advantage.
The theory of the kinked demand curve is used to explain
a. bizarre corporate behavior. b. sales maximization. c. the maximin criterion. d. sticky prices in oligopolies.
The demand for a good or service is determined by
a. those who buy the good or service. b. the government. c. those who sell the good or service. d. both those who buy and those who sell the good or service.
The time spent by students in college
a. leads to lower lifetime earnings because opportunity costs are high. b. is an investment in human capital. c. decreases human capital by lowering work experience. d. increases as the wages paid to low-skilled workers rise.