Economic Surplus Is the

question 99

Multiple Choice

Economic surplus is the

• A) benefit gained by taking an action.
• B) price paid to take an action.
• C) difference between the benefit gained and the cost incurred of taking an action.
• D) wage someone would have to earn in order to take an action.
• E) difference between the price paid and taxes collected by the government.

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Definitions:

Strictly Liable

A legal principle where a party is held responsible for damages or loss, regardless of fault or intent.

Property Owner

An individual or entity that legally owns land, buildings, or both, holding rights to use, rent, sell, or manage the property as they see fit.

Conduct

The manner in which a person behaves, especially in a particular place or situation.

Standard of Care

The degree of prudence and caution required of an individual who is under a duty of care, measured against what a reasonable person would do in similar circumstances.