The difference between what consumers have to pay for a particular and what they are willing to pay is known as
A) consumer surplus.
B) producer surplus.
C) deadweight costs.
D) deadweight surplus.
A
You might also like to view...
Consider two countries—A and B. Both the countries are identical except for the fact that institutions are extractive in country A and institutions are inclusive in country B
Given this information, which of the following statements will be true? A) Country A will be characterized by higher output and larger number of entrepreneurs than country B. B) Country A will be characterized by lower output but larger number of entrepreneurs than country B. C) Country A will be characterized by lower output and smaller number of entrepreneurs than country B. D) Country A will be characterized by higher output but lower number of entrepreneurs than country B.
GDP is supposed to measure the goods ________ the United States
A) purchased in B) produced in C) exported to D) imported to