Which of the Following Is NOT Correct

question 38

Multiple Choice

Which of the following is NOT correct?

• A)consumer surplus = value to buyers - Amount paid by buyers
• B)producer surplus = amount received by sellers - Cost of sellers
• C)total surplus = value to buyers - Amount paid by buyers + Amount received by sellers - Costs of sellers
• D)total surplus = Value to sellers - Costs of sellers

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Definitions:

Discharge

The release from a legal obligation, such as the fulfillment of a debt or contractual requirement.

Individual

A single human being distinct from a group, class, or family.

Instrument

An instrument is a legal document that formally records or grants a right, like contracts, wills, or deeds.

Drawer

The person who writes or issues a cheque or draft, instructing his or her bank to pay a specified sum of money to a named party.