Which of the following is true about producer surplus?
a. Producer surplus is how much more it costs sellers than they are paid
b. Producer surplus is shown graphically as the area under the demand curve but above the supply curve.
c. An increase in the market price due to an increase in demand will increase producer surplus.
d. All of the above are true about producer surplus.
c
Economics
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The percentage of passengers waiting 20 minutes or more in TSA lines this summer fell to ____% from 1.3% last year
Fill in the blank(s) with the appropriate word(s).
Economics
The increase in the quantity of labor supplied in response to a higher wage is called the:
A. income effect. B. substitution effect. C. price effect. D. labor effect.
Economics