Consumer surplus
A) is the difference between what a consumer pays for a good and the producer's cost.
B) is the extra money a consumer pays above the minimum necessary price for the producer to produce it.
C) is the difference between what a consumer would willingly pay for a good and the price actually paid.
D) equals zero in the long run.
Correct Answer:
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Q5: Mister Jones was selling his house.The asking
Q26: Assume a consumer has a horizontal demand
Q48: Producer surplus equals
A) total revenue minus total
Q72: Q73: A consumer's marginal willingness to pay Q74: Q78: Government intervention in a perfectly competitive market Q79: Consumers seek to maximize Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A)changes with
A)reduces
A)profits.
B)expected consumer surplus.
C)expenditures.
D)choice.
