Which of the following statements is true? a. The difference between what a consumer is willing and
Question:
Which of the following statements is true?
a. The difference between what a consumer is willing and able to pay and what a consumer actually has to pay is called consumer surplus.
b. The difference between what a supplier is willing and able to supply and the price a supplier actually receives for selling a good or service is called producer surplus.
c. Both the difference between what a consumer is willing and able to pay and what a consumer actually has to pay is called consumer surplus and the difference between what a supplier is willing and able to supply and the price a supplier actually receives for selling a good or service is called producer surplus are true statements.
d. None of these is true.
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c Both the difference between what a consumer is willing and able ...View the full answer
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