Total Surplus

question 163

Multiple Choice

Total surplus

• A) can be used to measure a market's efficiency.
• B) is the sum of consumer and producer surplus.
• C) is the to value to buyers minus the cost to sellers.
• D) All of the above are correct.

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Definitions:

Electoral Institutions

Organizations and systems that organize, oversee, and regulate the process of electing representatives in a democracy.

Representative Institutions

Bodies or organizations that are elected or appointed to act on behalf of a larger group of people, such as legislatures or councils.

Enfranchise

To enfranchise is to grant voting rights to an individual or group, thereby providing them the power to participate in choosing their government representatives.

Disenfranchise

The act of depriving someone of the right to vote or other rights of citizenship.