Producer surplus is the amount by which total costs from production exceeds variable costs
Indicate whether the statement is true or false
false
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What is the major cost of slowing down an ongoing inflation?
a. Output must rise above potential. b. The Fed must sell bonds at lower prices than those at which the bonds were purchased. c. Output must fall below potential. d. The Fed must purchase bonds from the public. e. The Fed must lend additional money to member banks at below-market interest rates.
Most Americans
a. have accurate perceptions of the level of corporate profits. b. underestimate corporate profits. c. overestimate corporate profits. d. believe that corporations earn zero profit.
When a nation experiences economic growth:
A) its production possibilities curve shifts outward. B) its production possibilities curve shifts inward. C) it has been able to reach full employment. D) it has moved to a more consumer-oriented position on its production possibilities curve.
A per-unit government tax on producers of a good tends to
A) reduce the supply of the good. B) increase the supply of the good. C) cause an upward movement along the supply curve. D) not have any effect on the good's supply.