The difference between producer surplus and profit is always the associated with
A) opportunity costs.
B) total costs.
C) variable costs.
D) fixed costs.
D
You might also like to view...
As it applies to insurance, the adverse selection problem is the tendency for:
A. those most likely to collect on insurance to buy it. B. those who buy insurance to take less precaution in avoiding the insured risk. C. sellers to price discriminate. D. sellers to restrict output and charge high prices.
In a market system, how are the price signals established?
A. Industry associations establish an acceptable price range for each commodity sold within the industry, and member firms are obligated to abide by association guidelines. B. Consumer advocacy groups establish fair prices for items, and most firms follow these pricing guidelines because they don't want to anger their consumers. C. The forces underlying supply and demand interact to determine a market clearing price. D. Federal legislation establishes maximum prices for most goods, and state governments regulate the prices of any remaining items.
A firm in a perfectly competitive industry is a
A. quantity taker. B. price taker. C. profit maker. D. price maker.
About 75 percent of American women over the age of 16 are in the labor force.
Answer the following statement true (T) or false (F)