Which of the Following Is an Example of a "Good

question 35

Multiple Choice

Which of the following is an example of a "good" statement descriptive of physical requirements?

• A)See well enough to read a voltmeter dial from a distance of three feet
• B)Strong enough to carry a 150 pound weight down a 20 foot ladder
• C)Hear well enough to carry on a telephone conversation without amplification
• D)All of the above are "good" statements of physical requirements

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Definitions:

Total Producer Surplus

The difference between the total revenue that producers receive and the minimum amount they would be willing to accept for their goods or services.

Producer Surplus

The difference between the amount producers are willing to sell a good for and the actual amount they receive due to market price.

Good X

An unspecified product or commodity in economics, used in theoretical models and discussions.

Producer Surplus

The difference between the actual price producers receive for a product and the minimum price they would accept.