Total Surplus in a Market Is Equal to

question 58

Multiple Choice

Total surplus in a market is equal to

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

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Definitions:

Overgeneralization

A cognitive distortion where a person applies one experience or rule too broadly, leading to inaccurate conclusions.

Selective Thinking

A cognitive bias that involves focusing only on information that confirms one’s preconceptions, ignoring evidence that contradicts them.

Cognitive-Behavioral

A psychological approach that addresses dysfunctional emotions, behaviors, and cognitions through a goal-oriented, systematic process.

Illogical Cognitions

Refers to thoughts or thought processes that are not based on logic or sound reasoning.