Question: 1. In the Value-Price-Cost model, the difference between price and cost is ( selected all that is true) Consumer surplus Firm profit Value created Value

1. In the Value-Price-Cost model, the difference between price and cost is ( selected all that is true)

Consumer surplus

Firm profit

Value created

Value added

Value appropriated by the buyer

Value appropriated by the seller (or producer)

Value appropriated by the seller (or producer) AND the value appropriated by the buyer

2. In the Value-Price-Cost model, the difference between value and price is ( selected all that is true)

Consumer surplus

Firm profit

Value created

Value added

Value appropriated by the buyer

Value appropriated by the seller (or producer)

Value appropriated by the seller (or producer) AND the value appropriated by the buyer

3. In the Value-Price-Cost model, the difference between value and cost is( selected all that is true)

Consumer surplus

Firm profit

Value created

Value added

Value appropriated by the buyer

Value appropriated by the seller (or producer)

Value appropriated by the seller (or producer) AND the value appropriated by the buyer

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