Any Attempt to Capture a Consumer Surplus, a Producer Surplus

question 71

Multiple Choice

Any attempt to capture a consumer surplus, a producer surplus, or an economic profit is called

• A) profit-maximizing.
• B) rent-seeking.
• C) price discriminating.
• D) efficiency gain.

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Definitions:

Feasible Alternatives Test

The feasible alternatives test is a legal or regulatory principle that requires the consideration of practical and possible options before proceeding with actions that may have significant effects or risks.

Product Liability Law

The legal rules concerning who is responsible for defective or dangerous products sold to consumers.

Mortgages As Product

Financial products that allow individuals to borrow money from a lender to purchase property, using the property as collateral.

Breach Of Warranty

Occurs when a seller fails to uphold a promise or assurance about the quality or condition of a product or service.