The amount that individuals would have been willing to pay, minus the amount that they actually paid, is called:
a. producer surplus.
b. consumer surplus.
c. total surplus.
d. demand surplus.
b. consumer surplus.
The amount that individuals would have been willing to pay, minus the amount that they actually paid, is called consumer surplus.
Economics
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The Smoot-Hawley Act was enacted in
A) 1980. B) 2000. C) 1930. D) 2010.
Economics
The term "tragedy of the commons" is used to describe
a. overpricing of computer software by Microsoft. b. an increase in rents when air quality in a community improves. c. the difficulty in obtaining honest evaluations of public goods. d. the elimination of social gains due to the overuse of property without a well-defined owner.
Economics