In the Short Run, _____ Cost Is the Sum of Fixed

question 60

Multiple Choice

In the short run, _____ cost is the sum of fixed costs and variable costs.

• A) marginal
• B) total
• C) variable
• D) fixed

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Definitions:

Consumer Surplus

The imbalance between the total budget consumers are willing to allocate for a product or service and the actual spending.

Consumer Surplus

The separation between the ideal amount consumers are willing to spend on a service or product and their real expenditures.

Producer Surplus

The discrepancy between what producers are ready to take for a product or service and the real amount they get.

Tax

A required contribution or another kind of monetary levy imposed by a government body on a taxpayer to underpin government expenditure and different public spending initiatives.