Total Surplus in a Market Is Equal to

question 64

Multiple Choice

Total surplus in a market is equal to

• A)value to buyers - amount paid by buyers.
• B)amount received by sellers - costs of sellers.
• C)value to buyers - costs of sellers.
• D)amount received by sellers - amount paid by buyers.

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Definitions:

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, showing revenue, expenses, and net income.

Perpetual Inventory System

A procedural method in inventory accounting that directly records every inventory sale or purchase with the aid of computerized point-of-sale systems and enterprise asset management software.

Sales Tax

A tax on sales or on the receipts from sales.

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed, often due to a return or overcharge.