The Difference Between the Price of a Good and the Marginal

question 56

Multiple Choice

The difference between the price of a good and the marginal cost of that good is called

• A)producer surplus
• B)profit
• C)variable cost
• D)consumer surplus

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Definitions:

Behavior

Actions or reactions of individuals or groups in response to external or internal stimuli.

Single-blind Study

A study or experiment in which the participants do not know which group or condition they have been assigned to, but the researchers do.

Experimental Group

Subjects in an experiment who are subjected to the independent variable.

Control Group

A group in an experiment or study that does not receive treatment by the researchers and is then used as a benchmark to measure how the other tested subjects do.