Economic welfare is generally measured by (i) profit.
(ii) total surplus.
(iii) the price consumer's pay for the product.
A)(i) and (ii)
B)(ii) and (iii)
C)(i) and (iii)
D)(ii) only

Question

Economic welfare is generally measured by (i)	profit.
(ii)	total surplus.
(iii)	the price consumer's pay for the product.
A)(i) and (ii)
B)(ii) and (iii)
C)(i) and (iii)
D)(ii) only

Quizplus · Accepted Answer

Economic welfare is generally measured by total surplus, which includes both consumer and producer surplus, reflecting the overall benefit to society.

Economic Welfare Is Generally Measured by (I) Profit