Total surplus is defined as
A) consumer surplus + producer surplus.
B) consumer surplus - producer surplus.
C) another word for profit.
D) another word for total revenue.
A
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Which of the following is a macroeconomic concept?
A) The elasticity of supply of a good B) The per capita income of a country C) The average revenue earned by a firm D) The income elasticity of demand for a good
In the 1960s and 1970s the U.S. passed several major consumer safety laws, including the Flammable Fabrics Act and the Child Protection Act. The economic impact of such legislation may include all of the following except:
a. reducing the price of the regulated product. b. increasing the cost of producing the regulated product. c. reducing the supply of the regulated product. d. reducing competition within the regulated industry.