Economic welfare is generally measured by (i)
Profit.
(ii)
Total surplus.
(iii)
The price consumers pay for the product.
A)(i) and (ii) only
B)(ii) and (iii) only
C)(ii) only
D)(i), (ii), and (iii)

Question

Quizplus · Accepted Answer

Economic welfare is generally measured by total surplus, which is the sum of consumer and producer surplus, reflecting the overall benefit to society from the production and consumption of goods and services.

Economic Welfare Is Generally Measured by (I)