Consumer surplus
A) is the difference between what a consumer pays for a good and the producer's cost.
B) is the extra money a consumer pays above the minimum necessary price for the producer to produce it.
C) is the difference between what a consumer would willingly pay for a good and the price actually paid.
D) equals zero in the long run.
C
Economics
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Average costs curves rise with production
a. Due to declining average fixed costs b. Due to rising average fixed costs c. Due to marginal costs being less than average costs d. Due to rising marginal costs
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When there are too few or too many resources going to an economic activity
A) a public good exists. B) a market failure exists. C) consumer sovereignty exists. D) scarcity of resources no longer exists.
Economics