Suppose a market has only one seller and only one buyer of a good in the market. The buyer is willing to pay $50 for the good and the seller is willing to accept $15. The market price of the good is determined at $30
If they trade, the social surplus will be ________. A) $15
B) $35
C) $45
D) $65
B
Economics
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According to the law of diminishing marginal utility, the marginal utility curve is ____
a. vertical b. flat. c. upward sloping. d. downward sloping.
Economics
Among the very rich, the main source of income is most likely their wages
Indicate whether the statement is true or false
Economics