The difference between the ________ and the ________ from the sale of a product is called producer surplus
A) highest price a firm would have been willing to accept; lowest price it was willing to accept
B) cost to produce a product; profit received
C) lowest price a firm would have been willing to accept; price it actually receives
D) cost to produce a product; price a firm actually receives
C
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A cold winter will increase the quantity of heating fuel demanded at every price.
Answer the following statement true (T) or false (F)
Suppose the United States initially has a trade deficit. Then U.S. firms increase their imports from Canada, financing that increase by borrowing from Canada
The current account deficit is now ________ and the capital and financial account surplus is now ________. A) larger; larger B) larger; smaller C) smaller; larger D) smaller; smaller
An increase in the price level means that
A) long-run aggregate supply has increased. B) monetary policy has been contractionary. C) the value of the dollar has increased. D) the purchasing power of money has fallen.
The sum of the marginal propensity to consume (MPC) and the marginal propensity to save (MPS) always equals:
a. 1. b. 0. c. the interest rate. d. the marginal propensity to invest (MPI).