Total Surplus Is

question 84

Multiple Choice

Total surplus is

• A)the total cost to sellers of providing the good minus the total value of the good to buyers.
• B)the total value of the good to buyers minus the cost to sellers of providing the good.
• C)the difference between consumer surplus and sellers' cost.
• D)always smaller than producer surplus.

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Definitions:

Quality of Labor

Refers to the skill levels, education, training, and productivity of workers within an economy.

Imports Volume

The total quantity of goods and services brought into a country from abroad over a specific time period.

Exports Volume

The total quantity of goods and services a country sells to foreign countries within a specified timeframe.

Economy Size

A measure of the total value of all goods and services produced by a country's economy, often assessed through GDP.