Radio Frequency Identification Tags Can

question 71

Multiple Choice

Radio frequency identification tags can

• A) make it easy for computers to monitor inventory.
• B) help computers to order needed stock.
• C) track storing costs.
• D) transmit details about carton contents.
• E) all of the above.

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Definitions:

Producer Surplus

The gap between the price that sellers are ready to take for a product or service and the actual price they get from the market.

Deadweight Loss

An economic inefficiency that arises when the balance for a product or service is either not attained or cannot be attained.

Consumer Surplus

The differential between the overall amount consumers are willing and financially prepared to spend on a good or service, and what they end up spending.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, essentially the extra benefit to producers from selling at the market price.