Producer surplus is the:
a. amount by which the quantity supplied of a good exceeds the quantity demanded of a good.
b. measure of producers' willingness to sell a good plus the price of the good.
c. measure of how much producers value a good.
d. amount consumers actually pay for a good minus the amount the sellers are willing to sell the good.
d
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Tony's Taco Truck has average variable costs of $1 and average fixed costs of $2 when it produces 50 units of output (tacos). The truck's total cost at 50 units of output is a. $3
b. $50. c. $100. d. $150.
The difference between gross public debt and net public debt is that
A. net public debt is expressed in real terms while gross public debt is expressed in nominal terms. B. gross public debt is held by individuals while net public debt is held by the government. C. gross public debt includes interagency borrowing while net public debt does not. D. net public debt includes interagency borrowing while the gross domestic product debt does not.