At equilibrium in a market for a product, the total revenues received by sellers equal the
A. market producer surplus.
B. total amount spent by buyers on the product.
C. market consumer surplus.
D. total profit of sellers.
Answer: B
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The gross national product of a country for a certain year was $340,000
If the contribution of its factors of production in the production of various goods and services in other countries was worth $140,000 and the contribution of foreign factors of production in the production of goods and services in this country was worth $50,000, the gross domestic product of the country for that year was ________. A) $430,000 B) $160,000 C) $480,000 D) $250,000
GDP is not a complete measure of well-being
Indicate whether the statement is true or false
If the government wants a natural monopoly to earn a "fair return" or zero economic profit, it will set
a. price equal to marginal cost b. price equal to average total cost c. price equal to average revenue d. marginal cost equal to marginal revenue e. marginal cost equal to average total cost
A person's decision to supply a certain amount of labor in a week is simultaneously a decision to consume a certain amount of leisure per week
a. True b. False Indicate whether the statement is true or false