Differentiate Between Consumer's Surplus and Producer's Surplus

question 37

Essay

Differentiate between consumer's surplus and producer's surplus.For a rational consumer, consumer's surplus will never be a negative number.Why?

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Definitions:

Hidden Curriculum

involves the unwritten, unofficial, and often unintended lessons, values, and perspectives that students learn in school.

Socialized Citizen

An individual who has been inculcated with the norms, values, and practices of a society, enabling them to function as a contributing member.

Primary Socialization

The early process by which individuals, typically in their childhood, learn and adopt the values, behaviors, and norms of their society or cultural group.

Socializing Influence

The process by which individuals assimilate the norms, values, and behaviors considered appropriate in a given society through interaction with others.