A Statement Describing a Relationship That Is Observed in Nature

question 23

Multiple Choice

A statement describing a relationship that is observed in nature to occur consistently time after time is a (an)

• A)hypothesis.
• B)scientific law.
• C)scientific theory.
• D)model.

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus, representing the total net benefit to society from producing and consuming a good or service.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.

Producer Surplus

The gap between the price producers are ready to take for offering a product or service and the actual payment they receive.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit consumers receive.