When producers would have been willing to accept lower prices at various quantities produced than the market clearing price, the differences are called
A. producer surplus.
B. monopoly profits.
C. consumer surplus.
D. opportunity cost.
Answer: A
You might also like to view...
Which of the following transactions will be included in the calculation of GDP using the expenditure method?
A) The sale of a used car by a consumer B) The payment made to a construction worker C) The purchase of a treasury bond by an investor D) The purchase of a private jet by the CEO of a company
There are ________ Federal Reserve Banks located in different parts of the United States
A) 10 B) 12 C) 15 D) 50
The remarkable success of the HPAEs proves that
A) trade policy is the key to successful economic growth. B) trade policy is irrelevant to successful economic growth. C) high educational standards is the key to successful economic growth. D) dual economies must suffer economic stagnation. E) trade policy can lead to a higher standard of living for developing countries.
Which of the following is true for a monopoly?
A) P = MC B) P = MR C) P > MR D) P < MR