Weather Differs from Climate in That It Weather

question 11

Multiple Choice

Weather differs from climate in that it weather. deals only with_____ .

• A) what to expect month to month in a particular location
• B) the atmosphere
• C) short term conditions
• D) humidity and temperature only

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Definitions:

Consumer Surplus

The differential between the overall amount consumers are willing and financially prepared to spend on a good or service, and what they end up spending.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, essentially the extra benefit to producers from selling at the market price.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is unobtainable.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive.