What Does Total Surplus in a Market Equal

question 56

Multiple Choice

What does total surplus in a market equal

• 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:

Production Possibilities Frontier (PPF)

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), assuming all inputs are fully employed.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured as the percentage increase in real gross domestic product (GDP).

Production Possibilities Frontier (PPF)

A curve depicting all maximum output possibilities for two goods, given a set of inputs.

Technology Available

Refers to the tools, devices, systems, and solutions that are currently accessible and can be used to resolve problems, improve efficiency, or enhance quality of life.