Gains from trade are measured by:
a. consumer surplus
b. producer surplus.
c. the sum of consumer and producer surplus.
d. producer surplus minus consumer surplus.
c
Economics
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In the United States between 1981 and 2012, the
A) nominal wage rate increased more than the real wage rate. B) real wage rate increased more than the nominal wage rate. C) nominal and real wage rates increased the same amount. D) real and the nominal wage rates decreased the same amount. E) nominal wage rate decreased and the real wage rate increased.
Economics
A linear total cost function implies that:
a. marginal costs are constant as output increases b. average total costs are continually decreasing as output increases c. a and b d. none of the above
Economics