Producer Surplus Is

question 75

Multiple Choice

Producer surplus is

• A)the value producers place on a good minus the price of the good.
• B)the price of the good minus the value producers place on it.
• C)zero if price equals marginal cost.
• D)greater the more elastic the supply of the good.
• E)equal to consumer surplus.

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Definitions:

Tell And Sell

A sales strategy where the seller provides information about the product's features and benefits and then attempts to persuade the customer to make a purchase.

Evaluation Interview

An evaluation interview is a formal discussion between a supervisor and an employee to review the employee's performance and set future goals.

Performance Standards

Benchmarks or criteria established to evaluate the effectiveness and efficiency of employees' work performance.

Performance Management

The ongoing process of communication and feedback between a supervisor and an employee to reach the organization's goals.