The producer surplus from a good is equal to the
A) maximum amount a consumer is willing to pay for the good minus the price that actually must be paid summed over the quantity sold.
B) actual price of the good minus the maximum amount a consumer is willing to pay for the good.
C) opportunity cost of producing the good minus its price summed over the quantity sold.
D) price of the good minus its opportunity cost of production summed over the quantity sold.
D
You might also like to view...
Which of the following statements is not true of fixed and flexible exchange rate systems?
a. Under fixed exchange rates, government officials have little direct role in the foreign exchange market. b. Under fixed exchange rates, the government must select an appropriate exchange rate. c. Under fixed exchange rates, active central bank intervention is necessary to maintain the fixed exchange rate. d. Under fixed exchange rates, the governments must stand ready to buy all foreign exchange offered to it and supply all foreign exchange demanded from it. e. Flexible exchange rates rely on market forces to set the exchange rate, but fixed exchange rates are set by central banks.
Housing prices peaked in:
a. 1997. b. 2000. c. 2003. d. 2006.