Producer surplus for the whole market can be thought of as
A) total profit.
B) variable operating profit plus factor rents.
C) total profit minus factor rents earned by lower cost firms.
D) total profit plus factor rents earned by lower cost firms.
D
Economics
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Microeconomics only looks at the behavior of one consumer or one firm in a market, while macroeconomics looks at the behavior of an entire industry or group of consumers
a. True b. False Indicate whether the statement is true or false
Economics