The Total Surplus in a Market Equals

question 5

Multiple Choice

The total surplus in a market equals:

• A)the value to buyers plus the amount paid by buyers
• B)the amount received by sellers less the costs of sellers
• C)the value to buyers less the costs of sellers
• D)zero, because producer and consumer surplus cancel each other out

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Definitions:

Projective

Relating to tests or techniques designed to reveal hidden emotions and internal conflicts by interpreting people’s responses to ambiguous stimuli.

Dynamic

Characterized by constant change, activity, or progress.

Inkblots

Images created by dropping ink on paper and then folding the paper to create symmetrical patterns, used in psychological tests to assess personality.

Rorschach

A psychological test in which subjects' perceptions of inkblots are recorded and then analyzed using psychological interpretation, complexity algorithms, or both.