What is economic surplus? When is economic surplus at a maximum?
What will be an ideal response?
Economic surplus is the sum of consumer surplus and producer surplus. Economic surplus is at a maximum when the market is in competitive equilibrium.
Economics
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If producers cannot afford the fees for pollution rights,
a. they will pollute b. they will buy pollution rights c. they will sell pollution rights d. they will have to find a cheaper way to deal with their pollution e. they will not be able to use their pollution rights
Economics
In which one of the following market models is X-inefficiency most likely to be the greatest?
A. Pure competition. B. Oligopoly. C. Monopolistic competition. D. Pure monopoly.
Economics