When consumers would have been willing to pay higher prices at various quantities consumed than the market clearing price, the differences are called
A) consumer surplus.
B) monopoly profits.
C) opportunity cost.
D) deadweight loss.
A
Economics
You might also like to view...
In the figure above, the tax wedge is equal ________ per hour, the after-tax real wage rate is equal to ________, and the before-tax real wage rate is equal to ________
A) $20; $30; $35 B) $15; $20; $35 C) $20; $30; $20 D) $10; $30; $30 E) $30; $20; $35
Economics
A firm finds that it must increase wages to attract extra workers. The firm will hire labor up to the point where the marginal
A. revenue product equals the additional cost of hiring an extra worker. B. revenue product of labor is greater than the wage rate. C. product of labor equals the wage rate. D. revenue product of labor starts to decline.
Economics