The distance between the supply curve and the price the producer receives for a product for a given quantity supplied is referred to as:
A. market surplus.
B. consumer surplus.
C. producer surplus.
D. market shortage.
Answer: C
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One of the disadvantages of an organization which has a matrix structure is that :
a. each individual reports to one boss, causing excess flow of information to one individual. b. flow of information is difficult when operations are so highly diversified. c. each individual has two bosses whose interests may not be aligned. d. there are limits to the information a firm's headquarters can use effectively in making decisions.
Which of the following is an example of transitory income?
a. John's $30,000 per year salary as a junior high school science teacher b. Linda's $40,000 per month income from bond market investments c. Paul's $15 per week earnings from selling aluminum cans he collects from along the side of the road d. Ringo's $100 prize for winning a radio talk-show contest e. George's $6,000 per year earnings in his second job, moonlighting as a clerk in a video rental store
The price of gasoline has risen and the quantity sold has fallen. This was likely caused by
a. a rise in the price of crude oil. b. a seasonal rise in the demand for gasoline. c. use of a new public transit system. d. the discovery of crude oil in New Jersey.
When the market is in equilibrium,
a. Total surplus is minimized b. Total surplus is maximized without government intervention c. Government maximizes total revenue d. None of the above