Which of the Following Is the Definition of Producer Surplus

question 91

Multiple Choice

Which of the following is the definition of producer surplus?

• A)the total revenue received by the producer for a good minus the total cost of producing that good
• B)the price of a good minus the marginal cost of producing it,summed over the quantity produced
• C)the revenue received for a good,minus the cost of producing it
• D)the price of a good minus the cost of producing it
• E)quantity produced in excess of the allocatively efficient amount

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Definitions:

Port Huron Statement

A manifesto by Students for a Democratic Society that criticized institutions ranging from political parties to corporations, unions, and the military-industrial complex, while offering a new vision of social change.

Participatory Democracy

A system of democracy in which all members of a group or community participate directly in making decisions.

Great Society

A set of domestic programs in the United States launched by President Lyndon B. Johnson in 1964 and 1965, aimed at eliminating poverty and racial injustice.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the 1930s to counteract the effects of the Great Depression.