What is consumer surplus?
What will be an ideal response?
Consumer surplus equals the difference between the marginal benefit of the good and the price paid for it summed over the quantity consumed. The total consumer surplus in a market equals the area under the demand curve and above the price.
Economics
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What type of income tax is reflected in the table above?
A) regressive income tax B) proportional income tax C) progressive income tax D) negative income tax
Economics
The expenditure approach to GDP accounting includes
a. wages and salaries b. net exports c. net interest d. corporate profit e. proprietors' income
Economics