The difference between the willingness to pay for a good and the price that is paid to get it is
a.welfare economics.
b.willingness to sell.
c.producer surplus.
d. consumer surplus.
d. consumer surplus
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If a nation exports a product, then the price of that product in the nation
A. will rise above the domestic (no-trade) equilibrium price. B. may either rise or fall, depending on the product. C. will fall below the domestic (no-trade) equilibrium price. D. will remain the same as the domestic (no-trade) equilibrium price.
Savings are an example of
A) a depreciation concept. B) a flow concept. C) a stock concept. D) an investment concept.
If the debt is financed externally, then the burden is incurred when the debt is financed.
Answer the following statement true (T) or false (F)
When unemployment is below the natural rate,
A. frictional unemployment increases. B. inflation slows. C. structural unemployment decreases. D. the inflation rate increases.