Producer surplus is the
What will be an ideal response?
amount the seller is paid less the cost of production.
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A central tenet of the position against policy activism is that
A) consumption spending is highly unstable. B) consumption spending is highly stable. C) aggregate policies have little effect on consumption. D) instability in private consumption will always be offset by variations in other elements of private spending.
The price elasticity of demand for a product is a measure of the:
a. extent of competition in the market for the product. b. change in the quantity purchased of the product relative to a change in a consumer's income. c. change in the quantity demanded of the product due to changes in factors other than price. d. degree of consumer responsiveness to changes in the price of the product. e. percentage change in the prices of two related products.