Consumer surplus ________
A) equals total revenue minus marginal cost
B) is maximized when the market outcome is efficient
C) equals total revenue minus opportunity cost
D) plus producer surplus is maximized when resources are used efficiently
D
Economics
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Which statement best describes the railroad?
(a) It is a good example of "technology transfer" (from England to the U.S.)—the first operating railroad was in England. (b) It is an American home product—the first operating railroad was in the U.S. (c) It was invented in England but first put into operation in the U.S. (d) It was invented in the U.S. but first put into operation in England.
Economics
Economics is as much art as it is science
a. True b. False
Economics