Total utility describes
A) the benefit gained from all consumption.
B) an increase in consumption multiplied by the gain in utility.
C) total consumption multiplied by marginal utility.
D) total consumption divided by marginal utility.
Question 2
The producer surplus from a good is equal to the
A) maximum amount a consumer is willing to pay for the good minus the price that actually must be paid summed over the quantity sold.
B) actual price of the good minus the maximum amount a consumer is willing to pay for the good.
C) opportunity cost of producing the good minus its price summed over the quantity sold.
D) price of the good minus its opportunity cost of production summed over the quantity sold.
China’s 8% annual increase in oil consumption
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