The difference between the ________ and the ________ from the sale of a product is called producer surplus
A) highest price a firm would have been willing to accept; lowest price it was willing to accept
B) cost to produce a product; profit received
C) lowest price a firm would have been willing to accept; price it actually receives
D) cost to produce a product; price a firm actually receives
C
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A production possibilities curve that is linear (a straight line):
a. illustrates a tradeoff in which opportunity cost of a good increases with the level of its production. b. illustrates a tradeoff in which the opportunity cost of a good decreases with the level of its production. c. illustrates a tradeoff in which the opportunity cost of a good is constant at all levels of production. d. demonstrates the fallacy of composition.
Money that is backed solely by a government decree is referred to as fiat money
a. True b. False Indicate whether the statement is true or false