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Author Question: Which of the following is the best definition of producer surplus? (Read 73 times)

Apple716

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on: Oct 12, 2022

Question 1

The diagram below shows the demand and supply curves in a perfectly competitive market.



FIGURE 12-6

Refer to Figure 12-6. If output in this market were Q3, the loss in total economic surplus relative to the competitive equilibrium would be illustrated by area


◦ 1.
◦ 2.
◦ 3.
◦ 4.
◦ 3 + 4.

Question 2

Which of the following is the best definition of producer surplus?
◦ quantity produced in excess of the allocatively efficient amount
◦ the total revenue received by the producer for a good minus the total cost of producing that good
◦ the price of a good minus the marginal cost of producing it, summed over the quantity produced
◦ the revenue received for a good, minus the cost of producing it
◦ the price of a good minus the cost of producing it
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by Apple716 on Oct 12, 2022

jojomac20

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Apple716

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Reply 2 on: Oct 12, 2022
:D TYSM

bulacsom

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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