Total surplus
a. can be used to measure a market's efficiency.
b. is the sum of consumer and producer surplus.
c. is the value to buyers minus the cost to sellers.
d. All of the above are correct.
d
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A firm that can sell essentially the same product with the same quality under different brand names that have different perceived quality, the firm
A) has a moral hazard problem. B) creates noise in the market. C) creates an arbitrage opportunity. D) is engaging in unfair trading practices.
Consider estimating the effect of the beer tax on the fatality rate, using time and state fixed effect for the Northeast Region of the United States (Maine, Vermont, New Hampshire, Massachusetts, Connecticut and Rhode Island) for the period 1991-2001
If Beer Tax was the only explanatory variable, how many coefficients would you need to estimate, excluding the constant? A) 18 B) 17 C) 7 D) 11