For a monopoly market, total surplus can be defined as the value of the good to
a. producers minus the cost incurred by consumers.
b. producers plus the cost incurred by consumers.
c. consumers minus the costs of producing the good.
d. consumers plus the cost of producing the good.
c
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Consumer surplus is
a. the difference between the price of the good and the cost to produce the good. b, the sum of what consumers are willing to pay and the price of the good. c. the difference between what consumers are willing to pay and the price of the good. d. the difference between the cost to produce the good and the amount consumers are willing to pay for the good.
Japan is the largest trading partner of the United States
Indicate whether the statement is true or false
Which of the following statements about trade is false?
a. Trade increases competition. b. With trade, one country wins and one country loses. c. Bulgaria can benefit, potentially, from trade with any other country. d. Trade allows people to buy a greater variety of goods and services at lower cost.
Under modern economic growth, the annual average increase in output per person is
A. Often not large, perhaps 2% per year B. Often large, perhaps greater than 5% per year C. Often small, perhaps less than 1% per year D. Often the same in rich countries as in poor countries