The difference between the ________ for a good and the ________ is called consumer surplus
A) highest price a consumer is willing to pay; lowest price a consumer is willing to pay
B) lowest price a consumer is willing to pay; price the consumer actually pays
C) highest price a consumer is willing to pay; price the consumer actually pays
D) price the consumer actually pays; actual cost to the producer
Answer: C
Economics
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A market which only allows only one firm to operate at lowest average cost is called a(n)
a. natural monopoly. b. scale industry. c. increasing returns industry. d. large scale industry.
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