Consumer Surplus Is a Good Measure of Economic Welfare If

question 82

Multiple Choice

Consumer surplus is a good measure of economic welfare if policymakers want to

• A)maximize total benefit.
• B)minimize deadweight loss.
• C)respect the preferences of sellers.
• D)respect the preferences of buyers.

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Definitions:

Fiduciary Duty

A legal obligation of one party to act in the best interest of another. The obligated party is typically someone entrusted with the care of money or property, like a trustee or corporate officer.

Corporate Managers

Individuals responsible for making major decisions, overseeing daily operations, and implementing policies within a corporation to achieve organizational goals.

Law

A framework of norms established and applied by societal or state organizations to govern conduct.

Values

A standard for determining what things hold central importance.