If a consumer is willing and able to pay $15.00 for a particular good but the price of the good is $17.00,then the
举一反三
- ( ) is the difference between what consumers are willing and able to pay for a good and what they actually pay for the good.
- What is the total surplus of a market? A: the sum of consumer surplus and producer deficit B: the sum of consumer surplus and producer surplus C: the difference between the consumer surplus and producer surplus D: the difference between the highest price that a consumer is willing to pay and the lowest price that a producer is willing to sell
- Producer surplus is equal to: A: the difference between the highest market price consumers are willing to pay for a product and the minimum amount producers are willing to accept for that product. B: the difference between the market price consumers are willing to pay for a product and the actual price they pay. C: the price a producer receives for a product minus the marginal cost of production. D: the economic profit earned from the sale of a good, minus its marginal cost of production.
- Producer surplus measures A: the benefits to sellers of participating in a market. B: the costs to sellers of participating in a market. C: the price that buyers are willing to pay for sellers' output of a good or service. D: the benefit to sellers of producing a greater quantity of a good or service than buyers demand.
- When a tax is imposed on a good, the A: supply curve for the good always shifts. B: demand curve for the good always shifts. C: amount of the good that buyers are willing to buy at each price always remains unchanged. D: equilibrium quantity of the good always decreases.