The producer surplus on a unit of a good is the
A) difference between the marginal social benefit and the marginal social cost.
B) number of dollars' worth of other goods and services forgone to produce this unit of the good.
C) difference between the price of the good and the marginal cost of producing the good.
D) difference between the total cost of the good and the marginal cost.
C
You might also like to view...
The Civil Rights Act of 1964
a. was not relevant to unions b. required unions to adopt affirmative action policies c. protected union workers from rigged elections d. banned yellow-dog contracts e. created the National Labor Relations Board
The demand curve for labor slopes down because
A) firms value less efficient workers less than they value more efficient workers. B) firms must lower prices to sell the additional units of its product that the extra workers produce. C) of the law of diminishing marginal product. D) of profit maximizing behavior.