What Is the Difference Between an Acronym and an Acrostic

question 47

Multiple Choice

What is the difference between an acronym and an acrostic?

• A)An acronym is a mnemonic device, while an acrostic is a form of rhyme.
• B)An acrostic forms a sentence, while an acrostic forms a word.
• C)An acronym uses association, while an acrostic relies on rhythm.
• D)An acronym forms a word, while an acrostic forms a sentence.

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Definitions:

Total Consumer Surplus

The total benefit received by consumers in a market transaction, measured as the difference between what consumers are willing to pay and what they actually pay.

Price Ceiling

A government-imposed limit on how high the price of a good or service can be charged, usually intended to protect consumers.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, typically illustrated as the area above the supply curve and below the market price.