Surplus is:
A) the difference between the price at which a buyer or seller would be willing to trade and the actual price.
B) the difference between the willingness to pay and the actual price paid.
C) the difference between the willingness to sell and the actual price accepted.
D) All of these are true.
Correct Answer:
Verified
Q1: At prices above a consumers' reservation price:
A)the
Q3: If Claire's reservation price on a sweater
Q4: Each seller's opportunity costs are:
A)determined monetarily,which is
Q5: A buyer always wants to:
A)buy for a
Q7: A consumer's willingness to pay:
A)is the maximum
Q7: In economics,the concept of surplus:
A) measures the
Q8: The maximum price that a buyer would
Q9: A seller's willingness to sell:
A)is the maximum
Q10: The willingness to pay of buyers in
Q11: Surplus is:
A)a way of measuring who benefits
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