Producer surplus measures the benefit to sellers from receiving a price above their costs

a. True
b. False
Indicate whether the statement is true or false

True

Economics

You might also like to view...

What happens to the quantity of labor supplied, the quantity of labor demanded, and the number of unemployed workers if the minimum wage rate set above the equilibrium wage is increased still higher?

What will be an ideal response?

Economics

Assume that a union representative argues that the social security tax is essentially paid for completely by the worker in the form of a lower wage equal to the amount of the tax

If this person were correct what is implicitly assumed to be the shape of the labor supply curve and why? Is this a reasonable assumption? Why or why not?

Economics