Which of the following statements is true?
A) Producer surplus measures the total benefit received by producers from participating in a market.
B) When a market is in equilibrium consumer surplus equals producer surplus.
C) Consumer surplus measures the total benefit from participating in a market.
D) Consumer surplus measures the net benefit from participating in a market.
D
Economics
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For products like parking lots and hotels, the relevant costs and benefits to determine how much capacity to build are
a. LRMR and LRMC b. LRMR and SRMC c. SRMR and SRMC d. SRMR and LRMC
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A miniature golf course is a good example of where fixed costs become relevant to the decision of when to open and when to close for the season
a. True b. False Indicate whether the statement is true or false
Economics