In Purchasing an Automobile,there Are a Number of Variables to Consider.The

question 89

Short Answer

In purchasing an automobile,there are a number of variables to consider.The body style of the car (sedan,coupe,wagon,etc.)is an example of a(n)____________________ variable.

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a product and the quantity of the product that suppliers are willing to sell.

Total Surplus

The sum of consumer surplus and producer surplus, representing the total benefit to society from the production and trade of goods and services.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay; a measure of consumer benefit.

Producer Surplus

The difference between the amount a producer is actually paid for a good compared to the minimum amount they would accept for the good.