Producer surplus is the difference between ______.
a. what a producer is paid for a good and the cost of producing one unit of that good
b. what a consumer is willing and able to pay for one unit of a good and the price actually paid
c. the profit a producer makes and the profit remaining after taxes are paid
d. the number of goods produced and the number of goods sold
a. what a producer is paid for a good and the cost of producing one unit of that good
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In a competitive market when there is no deadweight loss
A) consumer surplus is minimized. B) producer surplus is minimized. C) consumer surplus plus producer surplus is maximized. D) consumer surplus plus producer surplus is minimized.
Education and training of workers would best be categorized as
A) land. B) labor. C) physical capital. D) human capital.
Researchers have found that the income of obese women is about 17 percent lower than that of women who are of the recommended weight. This result implies that:
A. obese women earn less because employers discriminate against them. B. the relationship between obesity and income is accidental. C. obese women earn less either because they are less productive or because employers discriminate against them. D. obese women earn less because they are less productive.
Refer to the information provided in Figure 3.13 below to answer the question(s) that follow.
Figure 3.13Refer to Figure 3.13. Assume hamburgers are a normal good. An increase in income will cause a movement from
A. Point A to Point B. B. S1 to S2. C. D1 to D2. D. Point G to Point F.