Producer surplus refers to
a. the difference between the market price for a good and the minimum price the producer would accept
b. the difference between the market price for a good and the maximum price a consumer would be willing to pay
c. the excess supply a firm produces for the market
d. the profit a producers receives for a good
e. the difference between consumer surplus and the price of the good
A
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At a particular level of output, the difference between average total cost and average fixed cost is average variable cost.
Answer the following statement true (T) or false (F)
In the Solow model, if saving per worker initially exceeds investment per worker,
A. the economy will experience inflation. B. the capital-labor ratio will increase. C. saving per worker will decline. D. investment per worker will decline.