Which of the following best describes Producer Surplus?
(a) The price suppliers are willing to sell a good for.
(b) The profits made by a firm.
(c) The difference between what a consumer is willing to pay for a good and what they actually pay.
(d) The difference between what a producer is willing to sell a good for and what they actually sellthe good for.
Answer: (d) The difference between what a producer is willing to sell a good for and what they actually sellthe good for.
You might also like to view...
The monetary base is $1,000 billion and the money multiplier is 5.5. What is the size of the money supply?
What will be an ideal response?
Public goods like roads can be privatized by spending money on their repair
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying national income data for the economy. All figures are in billions of dollars. The national income is
A. 573
B. 533
C. 568
D. 580
If official U.S. poverty statistics included in-kind transfer payments the:
A. poverty rate would be close to zero. B. poverty rate would be lower. C. government deficit would be lower. D. top 10 percent of those in the income distribution would be wealthier.