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Describe the four objective methods of study that Watson found acceptable.What are the strengths and flaws of each?
Market Producer Surplus
The difference between the amount producers are willing and able to sell a good for and the actual amount they receive by selling it at the market price.
Total Revenues
The total receipts from sales of goods or services provided by a company before any expenses are subtracted.
Market Consumer Surplus
The discrepancy between the amount customers are prepared to pay for a product or service and the amount they end up paying.
Producer Surplus
The difference between what producers are willing to sell a good for and the actual price they receive.
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