Producer surplus in a perfectly competitive industry is
A) the difference between profit at the profit-maximizing output and profit at the profit-minimizing output.
B) the difference between revenue and total cost.
C) the difference between revenue and variable cost.
D) the difference between revenue and fixed cost.
E) the same thing as revenue.
Question 2
Increasing returns to scale in production means
A) more than 10 as much of all inputs are required to increase output 10.
B) less than twice as much of all inputs are required to double output.
C) more than twice as much of only one input is required to double output.
D) isoquants must be linear.
Flower part number is a characteristic difference between monocots and eudicots
The difference between mieosis and mitoses
Annual Federal Deficit (or Surplus), 1992–2016
Profit-maximizing Chart
Industry is responsible for 21% of global greenhouse gas emissions
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...