Any Attempt to Capture a Consumer Surplus, a Producer Surplus

question 7

Multiple Choice

Any attempt to capture a consumer surplus, a producer surplus, or an economic profit is called

• A) efficiency gain.
• B) profit- maximising.
• C) rent seeking.
• D) price discrimination.

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Definitions:

Binding on Infants

The legal principle that certain contractual agreements, despite involving minors (infants under the law), are enforceable against them, typically involving necessities or education.

Residents of Enemy Country

Individuals living in a nation that is currently in a state of conflict or war with another country, which could affect their legal status and rights under international law.

Not Detrimental

Describing actions, conditions, or decisions that do not cause harm or negative impact.

Statute Of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by all parties involved to be enforceable.