Total Surplus Can Be Increased By

question 80

Multiple Choice

Total surplus can be increased by:

• A) policies that help people do business more efficiently.
• B) technologies that help people share more and better information.
• C) increasing the availability of accurate information.
• D) All of these can increase total surplus.

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Definitions:

Specializing

The process of focusing effort and resources on a limited number of activities to gain efficiency and expertise.

International Trade

The exchange of goods and services between countries, allowing for greater variety and availability of products, economies of scale, and increased efficiency.

Achieve

To successfully reach a desired or intended goal through effort, skill, or courage.

Marginal Cost

The heightened cost involved in the production of one additional product or service unit.