Total surplus
A) is maximized under perfect competition.
B) represents the gains from trade to market participants.
C) treats consumer and producer surplus equally.
D) All of the above.
D
You might also like to view...
The president of which Federal Reserve Bank is always a voting member of the FOMC? Why?
What will be an ideal response?
Suppose Amber Crombie and her husband Fitch spend $1400 this year on healthcare and medicines for the chronic nasal congestion they suffer living next to smelly Lake Lillypad. How does their expenditure affect GDP?
A) It doesn't affect GDP at all. B) GDP would decrease by $1400. C) GDP would increase by $1400. D) GDP would increase by $1400 only if the healthcare and medicines cured their chronic nasal congestion; if it remains uncured, then GDP would remain unchanged.