Total Surplus

question 56

Multiple Choice

Total surplus:

• A) can never be negative.
• B) is always zero in an efficient market.
• C) can be negative when the market is not in equilibrium.
• D) is greater than the sum of consumer and producer surplus.

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Definitions:

Enlightenment Thinkers

Philosophers and intellectuals of the 18th century Enlightenment period who emphasized reason, science, and individual rights over tradition and authority.

Traditional Authorities

denote individuals or institutions that wield power through customs, traditions, or cultural consensus.

Vilfredo Pareto

An Italian economist and sociologist known for his contributions to economic theory and the Pareto principle, also known as the 80/20 rule.

Interdependent Parts

Components of a system that rely on each other for their function and stability, illustrating the connectedness within a system.