What Is the Definition of Producers' Surplus

question 61

Multiple Choice

What is the definition of producers' surplus?

• A)price received minus maximum selling price
• B)maximum selling price minus price received
• C)price received minus minimum selling price
• D)highest price minus lowest price

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Definitions:

Real Obligation

A legal obligation that is tied to a specific property, requiring the fulfillment of some duty relative to that property.

Unilateral Contract

A contract in which one party makes a promise in exchange for the other party's act, rather than a promise in return.

Gratuitous Promise

A promise made without requiring some benefit or thing of value in return; not enforceable as a contract because it lacks consideration.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize and simplify the law across jurisdictions.