In a Market,total Surplus Is

question 248

Multiple Choice

In a market,total surplus is

• A)equal to producer surplus plus consumer surplus.
• B)equal to the total cost to sellers minus the total value to buyers.
• C)equal to consumers' willingness to pay plus producers' cost.
• D)greater than the sum of consumer surplus plus producer surplus.

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Definitions:

Classical Economic

refers to a school of thought in economics that emphasizes the importance of free markets, competition, and the self-regulating nature of economic systems, originating mainly from the ideas of Adam Smith.

Concentric

Having a common center, as in circles or spheres that are inside one another.

Corporate Social Responsibility

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Government Intervention

The involvement of government in the market with the aim to regulate, stabilize, or stimulate economic activity.