Producer surplus is the ________ summed over the quantity sold
A) value of a good minus the price received for it
B) price received for a good minus the value of the good
C) price received for a good minus its marginal cost
D) marginal cost of making a good minus the price received for it
C
Economics
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When a new product is introduced in the market, Lenny always wants to see how popular the item becomes before he purchases it. Lenny's behavior is known as
A) overt collusion. B) limit-pricing. C) a network effect. D) price leadership.
Economics
An example of a good that is rival in consumption is:
A. a hamburger. B. radio signals broadcast over the air. C. national defense. D. public utilities.
Economics