Suppose the market clearing price is $15 and the price ceiling is $16. The price that prevails in the market will be

A U-shaped long-run average cost curve indicates that

A) economies of scale follow diseconomies of scale. B) diseconomies of scale follow economies of scale C) economies of scale and economies of scope are the same. D) economies of scale dominate diseconomies of scale over all levels of production.

Total surplus is

a. the total cost to sellers of providing the good minus the total value of the good to buyers. b. the total value of the good to buyers minus the cost to sellers of providing the good. c. the difference between consumer surplus and sellers' cost. d. always smaller than producer surplus.