What is producer surplus?
What will be an ideal response?
Producer surplus is the price of a good received minus the marginal cost of producing it, summed over the quantity sold.
Economics
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The nominal rate of interest is
Economics
Fixed prices in a free-market economy can increase efficiency.
Answer the following statement true (T) or false (F)
Economics
The concept that suggests the consumption of the first few units of any good tends to bring a higher level of utility to a person than consumption of later units is the:
a. law of diminishing marginal utility. b. law of supply. c. law of demand. d. law of consumption.
Economics
An example of a supply shifter is:
A) demographic characteristics. B) technology. C) income. D) consumer expectations.
Economics