Author Question: The difference between income and consumption is a. rent b. profit c. saving d. opportunity cost ... (Read 66 times)

cdr_15 · **on:** Jun 30, 2018

The difference between income and consumption is
a. rent
b. profit
c. saving
d. opportunity cost
e. roundabout consumption

Question 2

Robert Tadmur exports processed turkey and has an upward sloping supply curve. The supply curve indicates that Robert faces a marginal cost of 0.25 or less per pound for supplying the first few pounds. But every producer in this market sells turkey at the market clearing price of 0.50 per pound. The difference between the actual amount that Robert receives and what he would accept to supply the market clearing quantity is called
a. consumer surplus
b. importer surplus
c. producer surplus
d. trade deficit
e. average variable cost