Any attempt to capture a consumer surplus, a producer surplus, or an economic profit is called

Considering all costs of production, the marginal cost of producing a hot dog is $1.00. The price of a hot dog is $1.50. Thus, the producer surplus from this hot dog is

A) $1.50. B) $1.00. C) $.50. D) Zero, because $1.50 is the most anyone would pay for a hot dog.

Refer to Figure 9.8. If free trade in sugar is replaced by a $50 tariff in sugar, government revenue from the tariff will be

A) $50. B) $5000. C) $15,000. D) $17,500. E) $25,000.