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)total profits of sellers.
D)market consumer surplus.

Question

Quizplus · Accepted Answer

At equilibrium in a market for a product, the total revenues received by sellers equal the total amount spent by buyers on the product. This is because the price at which goods are sold (equilibrium price) multiplied by the quantity sold (equilibrium quantity) equals both the total revenue for sellers and the total expenditure by buyers.

At Equilibrium in a Market for a Product, the Total